U.S. gas prices are climbing fast, and drivers are paying the highest pump prices since 2022 as the Iran war shakes oil markets. Many drivers face wild swings between stations and even from one day to the next. The Energy Information Administration says about half the price covers crude oil, and about 20% goes to refiners. Taxes take nearly 20%. Experts say retailers earn slim margins that get tighter when prices at the pump rise. Oil prices soared when U.S. markets opened Thursday, hours after President Donald Trump's speech on continuing the Iran war in which he asked Americans for patience.

U.S. gas prices have jumped past an average of $4 a gallon for the first time since 2022 as fuel prices continue to soar worldwide amid the Iran war. According to AAA, the national average for a gallon of regular gasoline is now $4.02 — over a dollar more expensive than before the war began on Feb. 28, marking the largest monthly jump the motor club has seen on record. As drivers pay more to cover necessities like gas, many households may be forced to cut their budgets in other places. And as businesses face higher transportation costs, prices of things like groceries and other goods people buy each day could also rise.

Sharply swinging oil prices have left consumers feeling the effects of the Iran war and its damage to worldwide energy production. Gasoline prices are climbing. Many people will find some of the most immediate economic pain at the pump. But not only drivers will be affected. Nearly all goods that are bought and sold must travel from where they're produced. That includes food. Those costs will climb with higher gasoline, diesel and jet fuel prices. Heating a home and cooking with natural gas are likely to cost more as the war grinds on. And the spike in oil prices will likely be a big factor for U.S. inflation. As the war continues, some experts say the price of everything could be affected.

Oil and gas prices have spiked with the war in Iran. That has President Donald Trump pivoting from bragging about low gas prices, to now saying oil prices make the country "a lot of money" because of its oil production. Trump's desire to flex America's muscle on the global stage is at odds with his political interests at home, where voters now face rising costs ahead of November midterm elections. Trump has given a series of conflicting messages about his plans to get tankers moving through the Strait of Hormuz and whether he needed to dip into America's strategic oil reserves.

Iran's attacks on regional oil infrastructure and pledges to choke off a vital waterway left markets on edge as the United States promised blistering new strikes. The war entered its 11th day on Tuesday with no end in sight as its effects were felt across the region and beyond. Both sides sharpened their rhetoric as they dug in. U.S. Defense Secretary Pete Hegseth again promised the most intense strikes yet. Iran's leaders ruled out talks and threatened U.S. President Donald Trump. Iran launched new attacks on Israel and Gulf Arab countries, while Israel bombed Iran and Lebanon, where it is battling Hezbollah militants.

Oil prices continued to soar on Monday as the Iran war intensified, threatening production and shipping across the Middle East and straining energy supplies worldwide. The price of Brent crude, the international benchmark, briefly surged to $119.50 per barrel on Monday — its highest level since the summer after Russia invaded Ukraine in 2022. West Texas Intermediate, which is produced in the U.S., also soared to $119.48 per barrel at one point. The conflict, now in its second week, is ensnaring countries and infrastructure critical to the production and transportation of oil and gas worldwide.