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The U.S. Department of Energy warned that gas prices aren't expected to drop back down to levels prior to the war in Iran until at least mid-2027 via the Financial Times.
“We’ve got a lot of costs moving their way through the system,” said Tom Kloza, an independent oil analyst. “We’re looking at some really scary inflation ratings — pervasive inflation throughout the country."
Oil prices once again briefly surged past $100 per barrel -- which also occurred on Sunday (March 8) before dropping back down -- early Thursday (March 12) morning after seven tankers along the Persian Gulf and the Strait of Hormuz were attacked by Iran. The attacks caused Brent crude oil features to once again exceed $100, but dropped back down to $96.50 per barrel as of 7:00 a.m. ET.
The current national average gas price is $3.598 for regular gas, which is $0.020 higher than the previous day average; $0.347 higher than the previous week average; $0.654 higher than the previous month average; and $0.518 higher than the previous year average, according to the American Automobile Association. An estimated one-fifth of the world's oil passes through the Strait of Hormuz accounts for an estimated one-fifth of the world's oil passes through and the IRGC warned that any vessel attempting to traverse would be prone to an attack.
“Expect oil at $200 per barrel,” a spokesperson said while addressing the United States' oil outlook Wednesday via the Post. “The price of oil depends on regional security, and you are the main source of insecurity in the region.”