Iran War Sends Gas Prices Soaring | JRL CHARTS Business News

By: Paul Goldberg — Senior Correspondent | LGBT Business Finance News

LAS VEGAS — (March 9, 2026) — Fuel prices across the western United States surged sharply over the weekend as escalating military conflict between Israel and Iran rattled global energy markets and pushed crude oil prices above the critical $100-per-barrel threshold.

Drivers in parts of Southern California reported seeing gasoline prices surge past $8 per gallon, while fuel stations across the Las Vegas Valley climbed above $4 per gallon, representing one of the fastest weekly price spikes since the early stages of the Russia-Ukraine war in 2022.

Energy analysts say the surge reflects a combination of geopolitical risk, shipping disruptions, and fears that the expanding conflict could choke off one of the world’s most critical oil supply corridors.

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According to data from the American Automobile Association, the U.S. national average for regular gasoline climbed to $3.47 per gallon, rising steadily from $3.45 the previous day and significantly above the $2.99 national average recorded just one week earlier.

At the same time, crude oil futures surged dramatically across global markets. U.S. benchmark West Texas Intermediate crude jumped more than 17% to $108 per barrel, while the international benchmark Brent crude rose above $107, marking the first time global oil prices have crossed the $100 level since 2022.

Energy traders attribute the sudden jump largely to the escalating air campaign in Iran, which has targeted multiple fuel storage facilities and energy infrastructure sites.

Shipping activity through the Strait of Hormuz — the narrow waterway that carries nearly 20% of the world’s oil supply — has also slowed significantly amid reports of vessel attacks and disruptions to satellite navigation systems used by commercial tankers.

Market volatility intensified after Israeli strikes reportedly destroyed dozens of Iranian fuel storage facilities over the weekend, sending massive plumes of smoke into the sky and triggering environmental contamination across nearby urban areas.

U.S. officials have privately expressed concern that attacks on major fuel depots could unintentionally deepen the global energy crisis by reducing available crude supplies at a time when global demand remains strong.

Sources familiar with internal discussions told Axios that some officials inside the Trump administration feared the strikes could push oil prices higher and worsen inflationary pressure on American consumers.

One advisor reportedly told the outlet that the president had reservations about attacks on fuel infrastructure because of their potential economic fallout.

“The president doesn’t like the attack,” the advisor said. “He wants to save the oil. He doesn’t want to burn it. And it reminds people of higher gas prices.”

Energy economists warn that if the conflict continues to expand or if tanker traffic through the Persian Gulf slows further, fuel costs could climb even higher in the coming weeks — especially in western states where refinery supply chains are more vulnerable to international price swings.

For now, analysts say the current surge reflects markets reacting to uncertainty.

But if the conflict escalates further, the economic shock from the Iran war could spread well beyond the gas pump — affecting transportation costs, supply chains, and inflation across the global economy.

For continuing coverage on global energy markets, geopolitical conflict, and the economic forces shaping today’s world, stay with JRL CHARTS LGBT Business Finance News, delivering trusted reporting on the financial impact of major global events.