Iran War and Global Oil Price Surge
Escalating conflict between Iran and the US drives global oil prices above $100 a barrel and raises fuel costs in the US.
September 2012
2012 Labor Day Gas Price Record Was $3.82
The Labor Day weekend record for regular gas prices was $3.82 in 2012. This historical figure is used to compare against the current record prices.
Source ↗February 2026
US-Israeli aggression against Iran begins
The US initiated aggression against Iran. This action is cited as a contributing factor to rising diesel prices in the United States.
Source ↗U.S. and Israel attack Iran
The United States and Israel initiated military actions against Iran. This action contributed to disruptions in global oil markets.
Source ↗March 2026
Iran War Begins, Driving Global Oil Price Surge
The Iran war commenced, initiating a period of conflict. This conflict has been ongoing for six months as of September 2026, correlating with rising global oil prices.
Source ↗April 2026
Oil Prices Reached $100 Per Barrel
Oil prices reached $100 per barrel at one point. This event is cited as part of an ongoing price crisis.
Source ↗July 2026
Oil Prices Remained Above $85 Since July
Oil prices have been fluctuating above $85 per barrel since July. This indicates sustained high market pressure.
Source ↗September 2026
US Gas Prices Hit Record $4.14 Amid Iran War
US gas prices reached $4.14 a gallon heading into the Labor Day weekend. This price surge is attributed to the ongoing US war on Iran and the closure of the Strait of Hormuz.
Source ↗US forces destroy five Iranian oil tankers
US forces destroyed five Iranian oil tankers. This action occurred the day before Iran launched its retaliatory strikes.
Source ↗Brent crude rises above $100 a barrel
Brent crude, the international benchmark for oil prices, rose 2.7% to approximately $100.6. This increase followed escalating tensions in the Gulf between the US and Iran.
Source ↗Dutch gas contract rises to €78.73/MWh
The benchmark Dutch gas contract increased by almost 4% to €78.73 a megawatt hour. This rise occurred amid increased global energy market volatility.
Source ↗British gas contract rises to 196.57p/therm
The British gas contract saw a rise of 7.77p, reaching 196.57p a therm. This marked the highest price for the contract since December 2022.
Source ↗Iran attacks US vessels in Strait of Hormuz
Iran's Revolutionary Guards attacked 20 US vessels attempting to pass through the Strait of Hormuz. This was in retaliation for US strikes on Iranian oil tankers.
Source ↗Iran strikes US air base in Jordan
Iran's Revolutionary Guards struck the US air base of Al-Azraq in Jordan with missiles. Jordan's army reported shooting down 18 missiles from the attack.
Source ↗Crude Oil Futures Hit High Level on Thursday
Crude oil futures reached a high level on Thursday, driven by the conflict between the U.S. and Iran. Brent settled at $107.63 a barrel and West Texas Intermediate futures settled at $102.48 a barrel.
Source ↗Benchmark Crude Futures Climb Above $100 Per Barrel
Benchmark crude futures climbed back above $100 a barrel. This rise was attributed to the intensification of conflict between the U.S. and Iran.
Source ↗U.S. National Average Diesel Price Surpasses $6 Per Gallon
The U.S. national average price of diesel surpassed $6 per gallon for the first time. This measurement was reported by price tracker GasBuddy.
Source ↗US Average Diesel Price Passes $6 Per Gallon
GasBuddy reported that the US average diesel price surpassed $6 per gallon. This price increase was linked to the intensification of conflict between the U.S. and Iran.
Source ↗American Automobile Association reports US diesel price increase
The American Automobile Association reported that the average price of diesel in the US increased to $6.06. This represented a 14% increase over the average price one month prior.
Source ↗Diane Swonk predicts US Federal Reserve interest rate hikes
Diane Swonk, chief economist at KPMG, predicted that the US Federal Reserve would begin hiking interest rates in September. She noted this would remove rate cuts made in late 2025.
Source ↗US House Democrats attribute diesel price hikes to Trump
The Democrats in the US House of Representatives stated that higher diesel prices were caused by Donald Trump's war with Iran. They linked the price increases to higher delivery costs and more expensive groceries.
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