FX.co ★ US Gas Prices Surge in March Amid Middle East War

US gasoline prices surged in March 2026, with the EIA reporting an average of $3.638 per gallon ($0.96 per liter), the highest level since September 2023. AAA data further showed the national average reaching $4.02 per gallon by the end of the month—topping $4 for the first time since 2022—as the Middle East conflict disrupted global oil markets. Prices at the pump rose by $1 per gallon in just one month following the US-Israel offensive against Iran, a 34.7% jump from February’s $2.98. This monthly increase not only outpaced the spikes seen after Hurricane Katrina in 2005 and Russia’s 2022 invasion of Ukraine, but also stands as the steepest rise in decades.