Three days after the U.S. launched military strikes on Iran, gas prices are continuing to rise.

The national average for a gallon of gasoline rose 11 cents overnight to $3.11, according to AAA. Analysts say current spot prices were up another 12.5 cents per gallon on Tuesday.

What You Need To Know

  • The national average price for a gallon of gasoline rose 11 cents overnight to $3.11, according to AAA

  • Analysts say current spot prices are up another 12.5 cents per gallon on Tuesday and could increase another 10 to 25 cents per gallon over the next one or two weeks

  • “Nearly all of this move is associated with elevated risk as Iran threatens vessels transiting the Strait of Hormuz,” GasBuddy.com analyst Patrick De Haan said in a statement Tuesday. “Even without confirmed large-scale physical disruption, the Strait — which handles over 20% of global crude flows — is effectively acting as a choke point"

  • He said risk in and of itself often functions as if supply is being restricted, even though the U.S. gasoline supply is derived from crude oil supplied by Canada, the U.S. and Mexico, which is not disrupted

“Nearly all of this move is associated with elevated risk as Iran threatens vessels transiting the Strait of Hormuz,” GasBuddy.com analyst Patrick De Haan said in a statement Tuesday. “Even without confirmed large-scale physical disruption, the Strait — which handles over 20% of global crude flows — is effectively acting as a choke point.”

He said risk in and of itself often functions as if supply is being restricted, even though the U.S. gasoline supply is derived from crude oil supplied by Canada, the U.S. and Mexico, which is not disrupted.

The national average price of gasoline has risen above $3 per gallon for the first time since late November 2025 and is now higher than it was a year ago. Monday was the largest single-day price increase since March 4, 2022, according to De Haan.

De Haan said the national average gasoline price could increase another 10 to 25 cents per gallon over the next one or two weeks.

The S&P dropped 1.6% in midday trading Tuesday after falling as much as 2.5% in the morning. The Dow Jones Industrial Average was down 840 points, or 1.7%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 1.7% lower.

It was just a day ago that U.S. stocks opened with sharp losses, only to recover all of them and end the day with slight gains. But that was with the caveat that oil prices did not jump to more than $100 per barrel.

On Tuesday, oil prices soared again and raised more alarms. The price for a barrel of Brent crude, the international standard, leaped another 7.8% to $83.79. That’s up from close to $70 less than a week ago. A barrel of benchmark U.S. crude, meanwhile, rose 7.6% to $76.63

U.S. diesel prices have risen even more sharply than gasoline because diesel markets are more globally interconnected and sensitive to shipping disruptions, De Haan said. The national average price of diesel is now $3.86 per gallon as of early Tuesday — the highest level since May 2024, according to GasBuddy.

Gas prices were already rising ahead of the summer driving season as people travel more. De Haan said increasing prices at the pump could accelerate as elevated risk in the Strait of Hormuz increases shipping insurance costs and as states transition to summer blend of gasoline and U.S. refineries perform early maintenance. 

The Associated Press contributed to this report.