Gas prices surge 14% in one week as Iran war hits American wallets

U.S. retail gasoline prices surged 14% in the week following the start of Operation Epic Fury, rising more than $0.50 per gallon as oil markets reacted to Iranian threats against the Strait of Hormuz. The jump marked the fastest single-week increase since Russia invaded Ukraine in 2022. Treasury Secretary Scott Bessent warned Congress that sustained $100-plus oil would add roughly 0.8 percentage points to annual inflation, threatening to reverse the administration's affordability agenda.