Trending Now - Gas Prices Remain High Despite Falling Oil Costs.
WHO:
President Trump, U.S. motorists, Tom Kloza (independent oil analyst), Patrick De Haan (GasBuddy petroleum analyst), Jeff Lenard (spokesperson for the National Association of Convenience Stores), Wayne Winegarden (senior fellow at the Pacific Research Institute), Nigel Green (CEO of deVere Group), Iran's foreign minister.
Gulf Oil (major oil company), AAA (American Automobile Association), American Fuel and Petrochemical Manufacturers (trade association).
WHAT:
Global oil prices fell by 12% on March 10th, 2026, after President Trump stated the war with Iran could end “very soon.”
Retail gas prices rose to $3.58 per gallon on March 10th, 2026, a 20% increase since the start of the war in late February 2026.
Wholesale gas prices increased by 23% since the war began.
The national average gas price rose to $3.54 per gallon on March 10th, 2026, a 6-cent increase from the previous day.
Gas prices surged by more than 50 cents per gallon since February 27th, 2026.
The average price of Brent crude was $85 per barrel on March 10th, 2026, down from nearly $120 earlier that week.
The average state gas tax across all 50 states and Washington, D.C. is 33 cents per gallon.
Gas stations are required to sell summer-blend gasoline from June 1st to September 15th each year, which typically adds about 15 cents per gallon.
WHERE:
Strait of Hormuz, a critical waterway for global oil supply.
United States, specifically referenced in relation to gas prices and oil markets.
WHEN:
March 10th, 2026 - Oil prices fell and gas prices rose.
February 27th, 2026 - The average gas price was $2.98 per gallon before the U.S. and Israel launched strikes on Iran.
Late February 2026 - The war in Iran began.
WHY:
The war in Iran has disrupted oil supply, affecting global oil prices and subsequently gas prices in the U.S.
Seasonal changes, including the switch to summer-blend gasoline, typically drive up gas prices.
HOW:
Gas prices are influenced by crude oil prices, refining, shipping costs, and various taxes.
Gasoline is produced from crude oil through a refining process, which includes transportation to refineries and distribution to gas stations.
(UPDATED March 11, 2026 17:21 UTC)
On March 10, 2026, global oil prices dropped by 12% after President Trump indicated that the war with Iran could conclude “very soon,” while retail gas prices surged to $3.58 per gallon, marking a 20% increase since the conflict began in late February. The average price of Brent crude fell to $85 per barrel from nearly $120 earlier that week, but the national average gas price rose by 6 cents from the previous day, reflecting a significant increase of over 50 cents per gallon since February 27. As the war continues to disrupt oil supply, the average state gas tax across the U.S. stands at 33 cents per gallon, and gas stations will soon be required to sell summer-blend gasoline, which typically adds about 15 cents per gallon.