Gas prices have stabilized around $4 per gallon since the announcement of a temporary ceasefire in the conflict between the U.S. and Iran. But talks to produce a longer-lasting peace have thus far failed, and some experts are predicting another jump in U.S. gas prices is likely on the way.
Patrick De Haan, head of petroleum analysis at GasBuddy, said in an April 13 blog post that gas prices have been stable, with a national average of $4.12 per gallon on both April 7 and April 13. But De Haan said the failure of talks led by U.S. Vice President JD Vance to produce a long-term peace could lead to more pain at the pump.
“Average gasoline prices surged for many Americans through the first half of last week before easing in some areas after oil prices slipped following President Trump’s announcement of a ceasefire,” De Haan wrote. “However, with a breakdown in talks and renewed escalation over the weekend, motorists should prepare for another round of price increases.”
De Haan said President Trump’s decision to have the U.S. Navy enforce a blockade on the Strait of Hormuz — which has proven critical to global oil supply — will likely make prices worse for U.S. drivers in the short term.
“The move toward a full blockade of the Strait of Hormuz is compounding global supply concerns and risks further disrupting flows, which pushed oil prices sharply higher in Sunday night trading,” he wrote. “As a result, gasoline prices are likely to jump again this week, with diesel expected to follow, until there is a meaningful restoration of shipping through the Strait.”
What Has Happened to Gas Prices Since the Iran War Began?
The national average price of gas was $3.12 per gallon on Feb. 27, one day before the U.S. first launched military strikes on Iran, according to AAA. Last year on April 13, the average price of gas was $3.19 per gallon. Here’s what has happened to the average price of gas since then:
- Average gas price on March 13: $3.63
- Average gas price on April 7: $4.12
- Average gas price on April 12: $4.12
What Does President Trump Say About Gas Prices and the Iran War?
President Donald Trump said the price of oil and gas could remain elevated before the midterm elections in November, hours after in-person peace talks between the U.S. and Iran failed.
“It could be the same or maybe a little bit higher, but it should be around the same,” Trump told Fox News’ “Sunday Morning Futures” host Maria Bartiromo in an interview on April 12.
The comment came on the heels of a record 21.2% spike in gasoline prices — the largest monthly increase in recorded history, according to a Bureau of Labor Statistics report released April 10. Over the year, gas prices were up 18.9%.
The soaring gas prices contributed to a sharp uptick in inflation, which rose 3.3% year-over-year in March.
USA TODAY White House Correspondent Swapna Venugopal Ramaswamy contributed to this report.
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