President Trump and his administration argue every day that the US and Israel’s fight against Iran is successful and will be successful in every possible way.
Except at markets and at gas pumps in the US where motorists look shocked when they find out Retail gas prices have increased by nearly 30 percent Since the beginning of 2026.
This was not what they expected in 2026. It certainly wasn’t what they were promised.
But here it is.
GasBuddy data put the average US gas price on March 13 at $3.643 a gallon. The AAA average was $3.63 a gallon. Increases in the last two weeks: About 22%.
Related: Goldman Sachs revises oil price target for rest of 2026
Oil prices also increased on March 13 May go up next week.
Brent crude, the international benchmark, hit $103.14 a barrel on March 13, up 2.7% on the day and up 69.5% since December 31.
Light sweet crude, the US crude oil benchmark, ended at $98.71 for a 42-gallon barrel, up 3.1% for the day and 8.6% for the week and up 72% since December 31, 2025. It rose to $99.32 during the day.
If the strait remains closed, oil prices will rise Up to $125 next weekaccording to a memo by Peter Cardello, chief market economist at Spartan Capital in New York.
Friday’s close was the highest since June 2022 when oil prices rose in reaction to Russia’s attack on Ukraine and easing the Covid-19 pandemic.
Sadly, the 2026 price shock still shows signs of abating as Iran defends itself against the United States, Israel and even Iran’s neighbors by stopping tankers from passing through the Strait of Hormuz, the 22-kilometer stretch of water that connects the Persian Gulf to the Indian Ocean.
About 20% of the world’s crude oil passes through the strait, much of which is restricted to Asian buyers like China. The safe passage of tankers through the strait is an important element that supports the global economy.
The strait is now effectively closed. Iran launches tankers carrying Iranian oil, but tankers destined for Saudi Arabia, Kuwait or Oman remain at anchor. Marine insurers will not insure ships or their cargo if they attempt to cross the strait.
The war between Israel and the United States and Iran hurt stocks overall, but energy stocks were mostly higher. Exxon Mobil rose 1.7% to $2156.12.
The S&P 500 index fell 0.7% to 6,629. The Dow Jones industrial average fell 0.3% to 46,534, and the Nasdaq composite fell 0.9% to 22,105.
Related: Iran’s shocking threat to raise oil prices to $200
Oil prices have risen despite the commitments of the United States and member countries of the International Energy Community to export millions of barrels of oil to international markets in a bid. Lower fuel prices. The United States expects to release 172 million barrels of crude oil In the next four months. IEA members plan to release 400 million barrels.
