economy
March 18, 2026
Gasoline prices in US reach highest level since autumn 2023
California has the highest prices at $5.54 per gallon
TL;DR
- US gasoline prices hit $3.79 per gallon, the highest since October 2023.
- The price increase is attributed to an energy crisis caused by US-Israeli operations against Iran.
- California has the highest prices at $5.54 per gallon.
- Major General Ebrahim Jabbari of the IRGC warned of closing the Strait of Hormuz, which handles a fifth of global oil exports.
- Iranian officials stated the strait was not officially closed, but tankers were avoiding it due to fear of strikes.
- IRGC Naval Commander Rear Admiral Alireza Tangsiri announced the Strait of Hormuz is closed to vessels associated with the US and Israel.
- The conflict caused a significant spike in oil prices, though growth has since subsided.
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