Motorists across the United States are facing significantly higher prices at the pump, with average gasoline costs rising nearly 30% since the start of 2026. This surge contradicts earlier expectations and promises made by the Trump administration regarding the U.S.-Israel campaign against Iran.
Data from GasBuddy indicates the average U.S. gasoline price reached $3.643 per gallon on March 13, while AAA reported $3.63. The increase over the preceding two weeks alone was approximately 22%.
Oil Prices Surge Due to Conflict
Oil prices continued their upward trajectory on March 13 and are expected to climb further in the coming week. Brent crude, the global benchmark, closed at $103.14 a barrel, marking a 2.7% increase for the day and a 69.5% rise since December 31, 2025.
U.S. benchmark crude, West Texas Intermediate (WTI), finished at $98.71 per 42-gallon barrel, up 3.1% for the day and 8.6% for the week. WTI prices have seen a substantial 72% increase since the end of last year, reaching a high of $99.32 during trading.
According to Peter Cardillo, chief market economist at Spartan Capital in New York, oil prices could surpass $125 next week if the Strait of Hormuz remains blocked. Friday’s closing prices were the highest recorded since June 2022, a period marked by soaring oil prices following Russia’s invasion of Ukraine and the easing of pandemic restrictions.
The current price shock shows few signs of abating, primarily due to Iran’s threats to halt tanker traffic through the Strait of Hormuz. This vital 22-mile waterway connects the Persian Gulf to the Indian Ocean, and approximately 20% of the world’s crude oil passes through it, much of it destined for Asian markets.
Safe passage through the strait is critical for the global economy. While Iran escorts tankers carrying its own oil, vessels bound for countries like Saudi Arabia, Kuwait, or Oman are anchored due to maritime insurers refusing to cover them if they attempt passage. This effectively shuts down the strait for non-Iranian oil.
The ongoing conflict between Iran and the U.S./Israel coalition has negatively impacted the broader stock market, although energy stocks have shown resilience. For instance, Exxon Mobil saw a 1.7% increase, closing at $2156.12.
In contrast, major indices experienced declines: the Standard & Poor’s 500 Index fell 0.7% to 6,629, the Dow Jones Industrial Average dropped 0.3% to 46,534, and the Nasdaq Composite was down 0.9% to 22,105.
Efforts to Stabilize Oil Prices
Despite promises from the United States and member nations of the International Energy Agency (IEA) to release millions of barrels of oil into global markets to curb prices, oil costs continue to soar. The U.S. plans to release 172 million barrels of crude over the next four months, while IEA members intend to release 400 million barrels.
These strategic reserves are intended to increase supply and alleviate pressure on prices, but the immediate impact of the conflict in the Persian Gulf appears to be outweighing these measures. The market remains sensitive to any further escalation or disruption in the region.
The situation highlights the delicate balance of global energy markets and their susceptibility to geopolitical events. Investors are closely monitoring developments, with potential implications for inflation and economic growth worldwide.
Fonte: Yahoo Finance
