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Gas prices in the U.S. have jumped by almost a dollar per gallon within three weeks of the war with Iran, reaching record-setting pace. Rising costs for fuel and other commodities are putting upward pressure on inflation.

Rapid Surge in Gas Prices

Gasoline prices in the United States have seen a rapid increase since the war with Iran began three weeks ago. The current national average for a gallon of gas is $3.93, marking a nearly 99-cent rise since the start of the conflict. This represents the fastest three-week spike in gas prices ever recorded. While the current average is still below the record high of $5 set in 2022, the accelerating pace suggests that new records could be set soon. Americans are now paying an estimated $575 million extra per day for gas and diesel compared to before the war.

Broader Price Hikes Across Commodities

Beyond gasoline, other key exports typically moved through the Strait of Hormuz are experiencing significant price hikes. In Europe, natural gas prices have surged 92% since the war began, leading to higher home heating and cooking costs. Fertilizer prices are up around 35%, and diesel has soared 36%. This combination of rising costs directly impacts farmers, especially weeks ahead of the spring planting season. Economists predict that the increased transportation costs for food will soon translate into higher grocery prices for consumers.

*Source: YouTube: ABC News (2026-03-20)*

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