Oil Prices Surge Above Pandemic-Era Levels As Iran War Tightens Supply Chain

Gas prices have spiked 27 cents a gallon on average in the last week as the Iran war has caused the price of oil to skyrocket.

The New York Times reported that a barrel of crude oil had risen about 40 percent since the Iran war began. The newspaper reported that Brent crude, the international oil benchmark, surged past $100 a barrel for the first time in about four years.

Meanwhile, AAA reported on its website that the national average cost of gasoline increased 27 cents per gallon last week. Despite the increase, AAA noted that spring gas prices still were in line with 2025 and below 2023 and 2024 levels. That national average, however, was based on a $70 a barrel cost of oil.

President Trump took to Truth Social to address the energy concerns.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!,” he wrote.

Aside from direct attacks on oil and gas infrastructure in the Middle East by Iran, ships have been prevented from traversing the Strait of Hormuz. About 20 percent of the world’s oil and gas is exported and shipped through the Strait.

Qatar’s energy minister Saad al-Kaabi, told the Financial Times that the situation could “bring down the economies of the world.” However, U.S. Energy Secretary Chris Wright down played the risk in an interview with CNN.

“You’re seeing a little bit of fear premium in the marketplace, but the world is not short of oil today or natural gas,” Wright told CNN. Wright told the network that he did not expect shipping through the Strait to be disrupted for more than a few weeks.