Financial markets Score 85 Cautious

Gas Prices Hit Highest Since Late 2023 Amid Escalating Iran Conflict

Mar 16, 2026 16:46 UTC

CL=F, USO, ^VIX

Short term

U.S. gasoline prices have reached their highest level since Q4 2023 as the ongoing Iran conflict enters its third week, intensifying supply concerns in global energy markets. The surge reflects growing anxiety over potential disruptions to oil flows.

Gasoline prices in the U.S. are at their highest level since Q4 2023
The Iran conflict has entered its third week
Crude futures (CL=F) are experiencing upward pressure
Energy ETF USO is affected by market shifts
^VIX has increased, reflecting rising market volatility
Geopolitical tensions are driving supply disruption concerns

U.S. drivers are facing the most expensive gasoline prices at the pump since the fourth quarter of 2023, as the Iran conflict continues into its third week. The geopolitical tension has triggered heightened volatility in oil markets, with crude futures and refined product margins under pressure. The benchmark crude contract, CL=F, has seen upward momentum amid fears of supply constraints. Energy exchange-traded funds, including USO, have reacted to the rising risk premium. The CBOE Volatility Index, ^VIX, has also climbed, signaling increased market uncertainty. These developments underscore the fragility of global oil supply chains and the sensitivity of energy prices to regional instability.