Gas Prices See Near-Historic Weekly Jump as US Attacks Iran, Sending Oil Skyward
by: GasBuddy
Published: March 9, 2026
Gas prices rise up, up and up in Huntington Beach stations
BOSTON...The nation’s average price of gasoline has risen 51.1 cents over the last week and stands at $3.45 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is up 54.1 cents from a month ago and is 41.6 cents per gallon higher than a year ago. The national average price of diesel rose 85.9 cents in the last week and stands at $4.599 per gallon.
“In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows. As a result, gasoline prices in many states could climb another 20 to 50 cents per gallon this week, with price-cycling markets potentially seeing increases as early as today. Diesel may rise even more sharply, with increases of 35 to 75 cents per gallon possible as global distillate markets react. While the situation remains highly fluid, consumers are already beginning to feel the impact as energy markets adjust to this sudden escalation.”
OIL MARKET DYNAMICS
Over the past week, oil prices climbed, with crude moving higher as escalating tensions involving Iran and Israel raised fears of a broader Middle East conflict and potential supply disruptions through the Strait of Hormuz, a critical global oil transit chokepoint. While prices had already been supported by lingering geopolitical tensions and some constructive inventory data earlier in the week, the latest escalation was adding a risk premium and increased market volatility. Looking ahead, developments surrounding Iran — particularly any threat to regional production or shipping flows — are likely to remain the dominant driver of oil prices and could keep crude elevated or push it higher if tensions intensify further. In early Monday trade, a barrel of West Texas Intermediate crude oil rose $5.39 per barrel to $72.41, up from $66.85 per barrel last Monday. Brent crude oil was up $6.42 per barrel in early trade, to $79.29 per barrel, up from $72.08 per barrel last Monday.
OIL AND REFINED PRODUCT SUPPLIES
The EIA’s Weekly Petroleum Status Report for the week ending February 27, 2026, showed U.S. oil inventories rose by 3.5 million barrels and are about 3% below the seasonal average for this time of year, while the SPR was unchanged at 415.4 million barrels. Gasoline inventories fell by 1.7 million barrels and are about 3% above the five-year seasonal average, while distillate inventories rose by 0.4 million barrels and are about 3% below the five-year seasonal average. Refinery utilization rose 0.6 percentage points to 89.2%, while implied gasoline demand, the EIA’s proxy for retail demand, fell 442,000 bpd to 8.292 million barrels per day.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.19 per gallon, up 40 cents from a week ago, followed by $2.99, $3.49, $3.29, and $3.39, rounding out the top five most common prices.
The median U.S. gas price is $3.29 per gallon, up 50 cents from last week and about 16 cents lower than the national average.
The top 10% of stations in the country average $4.93 per gallon, while the bottom 10% average $2.88 per gallon.
The states with the lowest average prices: Kansas ($2.90), Oklahoma ($2.95), and Arkansas ($2.98).
The states with the highest average prices: California ($5.14), Washington ($4.58), and Hawaii ($4.33).
Biggest weekly changes: Indiana (+57.8¢), Florida (+57.2¢), Michigan (+55.3¢), Ohio (+54.6¢), California (+51.1¢).
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $4.99 per gallon, up 130 cents from last week, followed by $4.49, $4.69, $4.59, and $4.29, rounding out the top five most common prices.
The median U.S. diesel price is $4.59 per gallon, up 91 cents from last week and about 6 cents lower than the national average.
Diesel prices at the top 10% of stations in the country average $5.32 per gallon, while the bottom 10% average $3.76 per gallon.
The states with the lowest average diesel prices: Texas ($3.93), Kansas ($3.95), and South Dakota ($3.99).
The states with the highest average diesel prices: California ($5.87), Washington ($5.46), and Hawaii ($5.18).
Biggest weekly changes: Texas (+111.6¢), North Carolina (+110.5¢), Tennessee (+110.3¢), Georgia (+107.9¢), Mississippi (+104.6¢).