Related videos:
The price of oil surpassed $120 and gasoline reached its highest level since the start of the war with Iran, with a national average price of $4.23 per gallon reported this Thursday in the United States, according to Univisión.
The trigger for this escalation is the closure of the Strait of Hormuz by Iran, effective since March 4, 2026, in response to the Epic Fury Operation launched jointly by the U.S. and Israel on February 28.
Through that strait, 20% of the world's oil supply passes, about 20 million barrels daily, and naval traffic has collapsed by 97% with over 2,000 ships stranded since the closure.
Brent crude surpassed $125 per barrel on Wednesday, its highest level in four years, while WTI was trading near $108 per barrel.
Filling the tank of a sedan now costs between $55 and $65, while a truck can exceed $100.
In California, the gallon is around $6, with averages in Los Angeles County already surpassing $6.05 during April.
Since the beginning of the conflict, the price of gasoline has risen 1.20 per gallon, with an increase of nearly seven cents recorded just on Wednesday.
Before the conflict, in January and February 2026, gasoline cost less than $3 per gallon in 43 states across the country.
The accumulated economic impact is significant: between February 28 and March 31, American drivers spent $8.4 billion more on gasoline, according to the Joint Economic Committee of Congress.
It is estimated that households will spend an average of $740 extra throughout 2026, with those on lower incomes being the most affected.
Diesel also rose to $5.46 per gallon, increasing the cost of food, transportation, and basic services.
Inflation in the U.S. reached 3.3% in March 2026, the largest monthly increase in four years, driven directly by rising fuel prices.
On April 13, President Donald Trump ordered a naval blockade in the strait with 12 ships, 100 aircraft, and 10,000 personnel, and declared that he would maintain the pressure "until Tehran accepts the conditions."
The Secretary of the Treasury, Scott Bessent, projected that gasoline could drop to around $3 per gallon in the summer if the strait is reopened, but the Secretary of Energy, Chris Wright, warned that the price might not fall below $3 until 2027.
A ten-day ceasefire mediated by Pakistan provided momentary relief, but the Strait of Hormuz did not fully reopen and prices resumed their upward trend.
The major Wall Street banks, including Goldman Sachs and Citi, project that oil prices will remain high throughout the year, with potential spikes between $140 and $150 per barrel if the blockage of Hormuz extends beyond June.
Filed under: