Iran war triggers biggest single-day U.S. gas price spike since Katrina

US retail gas prices jumped 9 cents per gallon on March 3 alone — the largest single-day increase since Hurricane Katrina struck the Gulf Coast in August 2005 — after Iran shut the Strait of Hormuz in retaliation for Operation Epic Fury. The average national price surged 20 cents overall in five days, a roughly 7 percent increase that AAA and GasBuddy analysts called the most dramatic short-term shock in two decades. Iran controls the chokepoint through which approximately 20 percent of the world's oil and liquefied natural gas transits daily.