Gas Prices Set To Stay High Across 2026–Even if Iran War Ends
Summary
Gasoline prices in the U.S. have risen sharply since the start of the war with Iran and are unlikely to fall back to prewar levels soon. Experts say that even if the conflict ends now, it could take many months or even years for gas prices to return to where they were before the war.Key Facts
- Before the Iran war started, the average U.S. gas price was $2.98 per gallon.
- As of May 11, 2026, the national average price was about $4.52 per gallon.
- The conflict caused a major disruption in oil supply due to reduced shipping through the Strait of Hormuz, a key route for about 20% of global oil.
- California has the highest gas prices in the U.S., averaging over $6 per gallon, while Mississippi has the lowest, just under $4.
- Experts agree that reopening the Strait of Hormuz fully is necessary to lower gas prices significantly.
- Even if the strait reopens now, it may take weeks or months for oil shipments to resume normal levels and reach markets.
- Analysts predict gas prices may not drop to prewar levels until the second half of 2027 or later.
- President Donald Trump has expressed optimism that prices will drop quickly if the war ends, but experts disagree.
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