Trending Now - US Gas Prices Rise Amid Ongoing Iran Conflict and Recession Fears
WHO:
President Trump
Amanda Acosta, Louisiana resident
Meghan Adamoli, New Jersey resident
Dan Bradley, flatbed truck driver from Pennsylvania
Clay Plant, Texas resident
Mohamed El-Erian, economist and former chief investment officer of PIMCO
WHAT:
The national average for a gallon of regular gasoline jumped to $3.79 on March 17th, 2026, up from $2.98 before the U.S. and Israel launched attacks against Iran on February 28th, 2026.
Brent crude was trading at over $102 a barrel on March 17th, 2026, up from roughly $70 weeks prior.
Benchmark U.S. crude is now priced at nearly $96 a barrel.
The U.S. average for diesel topped $5 a gallon on March 17th, 2026, up from about $3.76 before the conflict started.
El-Erian stated that the odds of a U.S. recession have risen from about 25% to 35%.
Fourth-quarter GDP was revised down to an annualized 0.7% pace.
The U.S. lost 92,000 jobs in February 2026, well short of estimates of more than 50,000 new jobs.
Personal consumption rose just 0.4% in January 2026.
WHERE:
New York, USA
Louisiana, USA
New Jersey, USA
Pennsylvania, USA
Texas, USA
WHEN:
March 17th, 2026
February 28th, 2026
February 2026
January 2026
Fourth quarter of 2025
WHY:
The Iran war has disrupted the global flow of oil, leading to higher fuel costs.
Higher oil prices are causing inflation to spiral, creating a demand shock.
HOW:
The U.S. is now a net exporter of oil, but still requires imports due to refinery processing needs.
The International Energy Agency pledged to release 400 million barrels of oil from member nations’ stockpiles.
The U.S. will pull 172 million barrels from the Strategic Petroleum Reserve as part of the IEA’s effort.
(UPDATED March 18, 2026 05:31 UTC)
Gas prices have surged dramatically, with the national average for a gallon of regular gasoline reaching $3.79 as of March 17, up from $2.98 prior to the U.S. and Israel's military actions against Iran on February 28. In the wake of these developments, economist Mohamed El-Erian noted that the likelihood of a U.S. recession has increased from 25% to 35%, as job losses in February totaled 92,000, far exceeding expectations. The ongoing conflict has disrupted oil supplies, pushing Brent crude prices over $102 a barrel, while the U.S. plans to release 172 million barrels from its Strategic Petroleum Reserve to help stabilize the market.