Oil Prices Surge, Fuel Prices Expected to Follow

Experts warn of potential 10-25 cent jump in national gas average in coming weeks

Published on Mar. 4, 2026

Got story updates? Submit your updates here. ›

After the U.S. and Israel targeted locations in Iran, oil prices have risen to their highest level since mid-2025, according to Patrick DeHaan of GasBuddy. As a result, gasoline, diesel, and jet fuel prices are all expected to increase significantly in the days ahead, with diesel prices potentially jumping as much as 40 cents per gallon due to a major Saudi refinery shutdown.

Why it matters

Rising fuel prices can have a significant impact on consumer budgets, transportation costs, and the broader economy. The uncertainty around the situation in Iran and potential supply disruptions make it difficult to predict how long these higher prices will last.

The details

Patrick DeHaan, a senior petroleum analyst with GasBuddy, said that oil prices have reached their highest level since the summer of 2025 due to the recent U.S. and Israeli actions targeting locations in Iran. As a result, gasoline, diesel, and jet fuel prices are all expected to rise sharply in the coming days and weeks, with the national average gas price potentially jumping 10 to 25 cents. The situation is even more dire for diesel, as a major Saudi refinery has been shut down due to a drone attack, causing diesel prices to skyrocket by as much as 40 cents per gallon.

  • Oil prices have reached their highest level since mid-2025.

The players

Patrick DeHaan

A senior petroleum analyst with GasBuddy.

Got photos? Submit your photos here. ›

What they’re saying

“That is the highest level since the summer of last year. And as a result of oil jumping, we're also seeing big increases in the price of gasoline, diesel, and jet fuel. All of those are likely to jump here in the days ahead. The national average could rise anywhere from 10 to 25 cents over the next week or two. And for diesel, it's even a bit more ominous. Saudi Arabia is shutting down a major refinery, a major producer of diesel, because of a drone attack. Diesel prices are now skyrocketing by 40 cents a gallon.”

— Patrick DeHaan, senior petroleum analyst (GasBuddy)

“Consumers are likely to be faced with increased gasoline, diesel, and jet fuel prices here in the days ahead. But if the situation reverses for the better, oil prices may eventually go down just as quickly as they went up.”

— Patrick DeHaan, senior petroleum analyst (GasBuddy)

The takeaway

The surge in oil and fuel prices highlights the volatility and uncertainty in the global energy market, with geopolitical tensions and supply disruptions having a direct impact on consumers' wallets. While higher prices may be temporary, the situation underscores the need for continued investment in energy infrastructure and diversification to mitigate the effects of such price spikes.