Iran Conflict Sends Gas Prices Soaring Amid Global Oil Supply Constraints

Gas prices have held steady near $4.15 per gallon as tensions in the Middle East continue to strain global oil supplies.

The ongoing conflict in Iran has led to a significant reduction in oil flows through the Strait of Hormuz, a critical chokepoint for global trade.

Prior to the war, approximately 20 million barrels of oil passed through the strait daily, but the current average is around 2.7 million barrels per day.

Iran's crude oil production has plummeted from 3.3 million barrels per day in early 2026 to 2.478 million barrels per day by July, according to OPEC data.