US Gas Prices Cross $4 Per Gallon as Iran War Closes Strait of Hormuz

The national average price of gasoline in the United States crossed $4 per gallon on March 31, 2026, the first time since 2022, rising 40 percent since the Iran war began on February 28. The Strait of Hormuz closure by Iran had cut tanker traffic through the chokepoint, which carries roughly 20 percent of global oil trade. Diesel crossed $5 per gallon on March 17, and analysts projected regular gas could reach $5 if the Strait remained closed.