U.S. gas prices have risen 40% since the Iran war began on February 28, 2026, hitting $4.18 per gallon on April 28—the highest level in four years. The price spike stems from disruption of the Strait of Hormuz, through which roughly 20% of global oil flows, with Brent crude rising over 40% since the war started. Economists warn that even if the war ends soon, elevated energy prices will likely persist through 2026, creating headwinds for consumer spending and inflation.