Trending Now - Global Fuel Prices Spike Amid Ongoing Iran Conflict
WHO:
President Trump, U.S. government, Patrick De Haan (petroleum expert at GasBuddy), Diane Swonk (chief economist at KPMG), International Energy Agency, OPEC
WHAT:
U.S. gasoline prices rose to an average of $3.79 a gallon on March 17th, 2026, up from $2.92 a month ago.
A recent analysis found that average domestic airfares for travelers booking flights later in March have climbed by between 15% and 124%.
The average fare for transcontinental flights has increased by over 100%.
Diesel prices have surged more than 70 cents per gallon since the war began.
Diesel prices are currently $1.34 higher than last month, according to AAA data.
U.S. diesel prices reached $5.04 a gallon on March 17th, 2026, marking the highest level since December 2022.
Diesel prices increased from $4.78 a week ago and from $3.65 a month ago.
Diesel prices have climbed 34% since March 1st, 2026, while gasoline prices rose 27% in the same period.
The last time diesel prices exceeded $5 a gallon was in December 2022.
The price of Brent crude oil is above $100 a barrel.
Diesel is $1.34 higher than last month.
WHERE:
United States, Strait of Hormuz, Fujairah Oil Industries Zone (United Arab Emirates)
WHEN:
March 17th, 2026 (current date)
The war in Iran is ongoing and has been affecting oil supplies for approximately three weeks as of March 17th, 2026.
A drone attack occurred on March 16th, 2026.
WHY:
The war in Iran has caused a nearly 80-cent, or 27%, jump in the average price of regular gas over the past month.
The war in Iran is disrupting global oil supply chains, leading to increased diesel prices.
Iranian attacks on oil and gas facilities have hobbled operations in oil-producing nations.
The disruption of shipping through the Strait of Hormuz, a critical waterway for global oil supply, is contributing to rising prices.
HOW:
Patrick De Haan stated, "Until we see a meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist."
President Trump is considering a military operation to escort ships through the Strait of Hormuz.
The International Energy Agency announced the largest-ever release of crude oil from national stockpiles, including 172 million barrels from the United States' Strategic Petroleum Reserve.
(UPDATED March 17, 2026 19:21 UTC)
Gasoline prices in the U.S. have surged to an average of $3.79 a gallon as of March 17, 2026, a significant increase from $2.92 just a month ago, largely driven by the ongoing war in Iran. Additionally, travelers booking flights later this month are facing a steep rise in airfares, with average domestic prices climbing between 15% and 124%, and transcontinental flights seeing increases of over 100%. According to AAA data, diesel prices have also jumped by $1.34 since last month, reflecting a broader trend of rising fuel costs that experts warn could continue without a resumption of oil flows through the Strait of Hormuz.
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(UPDATED March 17, 2026 17:23 UTC)
Today, diesel prices in the U.S. have surged to $5.04 a gallon, the highest since December 2022, reflecting a significant increase from $4.78 just last week and $3.65 a month ago. This rise in prices is attributed to ongoing disruptions in global oil supply chains due to the war in Iran, which has included recent drone attacks and has affected operations in oil-producing nations. In response to these challenges, President Trump is contemplating a military operation to escort ships through the critical Strait of Hormuz, while the International Energy Agency has announced a historic release of crude oil from national stockpiles, including 172 million barrels from the U.S. Strategic Petroleum Reserve.