Scoreboard on every street: Gas heads for $4 per gallon due to Iran war

"President Trump has been clear that these are short-term disruptions. Ultimately, once the Iranian regime is neutralized, oil and gas prices will drop rapidly again, potentially even lower than before the strikes began, White House spokesperson Taylor Rogers said in a statement."

"But analysts say it could take weeks to months for prices to ease, even after the war begins to wind down. That could keep gas prices elevated into the summer. If the Strait of Hormuz remains largely closed for an extended period of time, or if Iran conducts further retaliatory strikes on Gulf energy facilities, the costs could be steeper and longer-lasting."

"Iran currently has a stranglehold on the most important waterway for the global oil trade, complicating any attempt by Trump to end the conflict and get prices back to normal. In the meantime, he is taking a variety of steps, like tapping strategic reserves and suspending the Jones Act, to try to limit the pain."

The White House claims oil and gas prices will drop rapidly once military objectives against Iran are achieved, potentially falling below pre-strike levels. However, analysts project price relief could take weeks to months even after conflict winds down, potentially extending elevated gas prices into summer. Vice President Vance acknowledged a rough road ahead for several weeks. If the Strait of Hormuz remains closed or Iran conducts further retaliatory strikes on Gulf energy facilities, costs could be steeper and longer-lasting. Current gas prices remain below $3 on average and below historic highs despite a 25% increase since the war began, though prices significantly impact lower-income households.

Read at Axios