US gasoline prices surge 17% as crude oil soars past $100 per barrel

After disrupting the markets of the Middle Eastern region, the adverse consequences of the U.S.-Israel attack on Iran have reached America, with the average price of gasoline jumping to $3.48 on Monday, March 9, 2025.

This marks nearly a 17% increase since the conflict’s day one on February 28, raising the fuel costs to their highest level since 2024.

The global crude prices have soared past $100 per barrel, marking the first time since Russia’s 2022 invasion of Ukraine.

One of the key drivers of rising oil prices is the disruption of the Strait of Hormuz, which handles around one-fifth of the world’s oil supply.

The current circumstances also have a direct effect on the energy supply chain. As refineries pay more for their raw material, they are charging more for gasoline, jet fuel, and diesel they deliver.

U.S. Energy Secretary Chris Wright has stated that the price surge is “temporary.” However, analysts warn that the fuel costs will likely climb further in the coming days.

U.S. President Donald Trump has downplayed the economic shock, writing on Truth Social that the rise is “a very small price to pay for U.S.A., and World, Safety, and Peace.”