Oil Markets React to Iran Tensions

11 Mar 2026 · 1 min

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TJ Walker reports gasoline hit $3.58 per gallon after Iran tensions sparked 11 straight days of price hikes, a 20% jump. Diesel jumped 38% to $4.83. Oil traders are watching the Strait of Hormuz, which handles 20% of global oil supply, as Brent crude swings between $120 and $90 per barrel.

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Gas prices jump as war hits oil markets. Americans are already feeling the economic effects of the Iran conflict at the gas pump. Gasoline prices have risen for 7— or excuse me, 11 straight days, a national average of $3.58 per gallon, roughly 20% higher since the strikes on Iran began. Diesel prices have climbed even faster, rising 38% to nearly $4.83 per gallon. Oil markets have been volatile. Traders focus on the Strait of Hormuz, the narrow waterway that carries about one-fifth of the world's oil supply. This week's global benchmark for Brent crude surged close to $120 a barrel before falling back near $90. History shows fuel costs quickly become political flashpoints in the United States, shaping elections and presidential approval ratings when sudden spikes hit American drivers.