Gas prices across the United States hit a national average of $3.32 per gallon on Friday, the highest level since September 2024, as the conflict between the U.S. And Iran continues to escalate. The surge in prices comes as U.S. Crude oil logged its largest weekly gain since data collection began in 1983, signaling further increases at the pump in the coming weeks.
The price increases are directly linked to the ongoing military operations in Iran and the resulting disruptions to Middle Eastern shipping lanes, particularly the Strait of Hormuz. Concerns over potential blockades or attacks on oil tankers have driven up crude oil futures, impacting gasoline costs for American consumers. According to NBC News, the longer disruptions persist in the Strait of Hormuz, the greater the potential impact on oil prices.
The timing of the conflict presents a significant political challenge for President Donald Trump, who has repeatedly emphasized affordability as a key tenet of his administration. The rising energy costs threaten to undermine this message ahead of the 2026 midterm elections, where control of Congress is at stake. Democrats are already attempting to capitalize on the situation, framing the conflict as a self-inflicted wound that will exacerbate cost-of-living concerns for voters. “Because there was no plan going in, I consider there will be lots of things that are unforeseen consequences of this,” Senator Martin Heinrich, D-N.M., told CNBC. “I mean you saw how much gas has gone up in a day, oil futures have gone up, there are going to be a lot of knock-on effects.”
The economic fallout extends beyond gasoline prices. New data released Friday by the Bureau of Labor Statistics revealed the U.S. Economy lost 92,000 jobs last month, with revisions to previous months indicating an even larger decline of 69,000 jobs. This weakening labor market complicates the Federal Reserve’s monetary policy decisions. Traditionally, a softening labor market would prompt the Fed to consider interest rate cuts to stimulate employment. However, the inflationary pressure caused by rising oil prices presents a conflicting challenge.
Republicans, while projecting confidence in a swift resolution to the conflict, acknowledge the potential for continued economic disruption. They maintain that affordability can still be addressed even during wartime. According to a report from CNBC, both parties are attempting to leverage the situation to their advantage, with Democrats focusing on the increased cost of living and Republicans emphasizing national security.
The conflict’s impact on the global energy market is expected to be prolonged, according to Reuters. The potential for a shutdown of oil transport through key waterways has raised concerns about supply shortages and further price increases. The Washington Post reported that gas prices are climbing rapidly as President Trump’s military assault on Iran continues.
The Democratic Congressional Campaign Committee Chair, Representative Suzan DelBene, stated, “I do think voters will hold them accountable in November,” signaling a clear intention to make the war and its economic consequences a central issue in the midterm elections. As of Saturday, March 7, 2026, the Trump administration has not announced any specific measures to mitigate the rising gas prices beyond reiterating its commitment to a swift and decisive outcome in Iran.
