Oil prices surged this week, lifting pump costs amid affordability worries. Prices have risen sharply, pushing gasoline costs higher just as many Americans already face budget pressures [2][3][4].
Monday’s oil price hit its highest level since mid‑2022, echoing post‑Ukraine‑invasion highs. The benchmark climbed to peaks not seen since markets reacted to Russia’s 2022 invasion of Ukraine [5].
AAA notes the national average for regular gasoline is now at the highest point of any Trump term. The association’s data show the current price surpasses levels recorded during both of President Donald Trump’s administrations [1].
The Iran war raises oil prices via a near‑shutdown of the Strait of Hormuz and reduced Middle East output. Analysts cite these two factors—threats to the key shipping lane and slower regional production—as primary drivers of the price jump [1].
Iran controls the north side of the Strait of Hormuz, the main route for Saudi and Kuwaiti crude. This narrow waterway is essential for moving oil from Gulf producers to global markets, making it a strategic choke point [7].
Oil last traded above $100 during March‑July 2022 after Russia’s attack on Ukraine, highlighting conflict‑linked volatility. Prices broke the $100 mark in March 2022 and remained near that level until mid‑July 2022 [1].