Trump Reverses Stance on Gas Prices Amid Rising Oil Costs Linked to US-Iran Conflict
Here's what it means for you.
Rising oil prices could impact your business expenses and consumer spending patterns.
What happened
On March 12, 2026, President Donald Trump announced on Truth Social that rising oil prices benefit the U.S. economy, marking a shift from his previous focus on falling gas prices.
The Context
- Gas prices fell over 6% since Trump took office, reaching lows below $2 per gallon in some states, before the U.S.-Israeli conflict with Iran began.
- The war escalated oil prices from $2.94 per gallon at the conflict's start to $3.61 by March 12, 2026, a 23% increase in just two weeks.
- Public sentiment is mixed, with many voters disapproving of Trump's handling of the Iran situation and expressing concerns over rising fuel costs.
The Number
— the national average U.S. regular gasoline price on March 12, 2026, reflecting a 23% increase since the onset of the US-Iran war. This matters because fluctuating fuel costs directly affect operational expenses for businesses and consumer purchasing power.
Takeaway
Expect continued volatility in oil prices as geopolitical tensions persist, influencing both market dynamics and consumer behavior.
This article was generated by AI from 6 verified sources and reviewed by A47 editorial systems.
Global business headlines with AI angles.
"General business outlet that frequently covers AI."
— A47 Editor
Is The Iran War Raising Gas Prices? Here's Why Donald Trump Calls The $3.58 Average A 'Glitch'
U.S. gas prices have risen to an average of $3.58 per gallon amid the ongoing conflict involving Iran, with President Donald Trump dismissing the increase as a "glitch" despite warnings from economists about inflation risks.
National headlines across the United States including breaking stories and societal issues.
"NBC News is a mainstream media outlet known for comprehensive national and international news coverage with a centrist to slightly left-leaning editorial tone."
— A47 Editor
Trump touted falling gas prices but now says 'we make a lot of money' as they go up
*# President Donald Trump, who has frequently touted falling gas prices, has shifted his stance amid the ongoing conflict with Iran, now stating that rising oil prices are beneficial for the United States as gas prices surge past $3.60 per gallon and...
Comprehensive coverage of global events, politics, and international issues.
"NBC News is a mainstream outlet known for comprehensive national and international coverage with a centrist to slightly left-leaning editorial tone."
— A47 Editor
Trump touted falling gas prices but now says 'we make a lot of money' as they go up
President Donald Trump has shifted his narrative on gas prices, stating that while they were previously falling, the current rise in oil costs due to the Iran conflict is beneficial for the U.S. economy.
Right-of-center views on political news.
"The Washington Times is a conservative-leaning newspaper known for its political coverage and advocacy of right-of-center viewpoints."
— A47 Editor
Trump touts American oil profits as energy crisis rattles markets
*# President Trump stated that while the U.S. could profit from high oil prices amid the ongoing energy crisis, preventing Iran from obtaining a nuclear weapon remains his top priority. *# This stance comes as surging oil and gas prices, driven by th...
News from the United States including domestic politics, society, and culture.
"The Guardian is known for its progressive editorial stance and in-depth analysis, often advocating for social justice, environmental issues, and liberal values."
— A47 Editor
‘We make a lot of money’: Trump downplays rise in gas prices during Iran war
*# US President Donald Trump downplayed the impact of rising gas prices during the ongoing US-Israel conflict with Iran, stating that higher oil prices benefit the country as petrol costs surpassed $100 per barrel and average US gas prices reached $3...
UK and international business news, economics, and corporate coverage.
"The Guardian’s business section covers finance and markets with a progressive editorial tone."
— A47 Editor
Iran war punctures Trump’s ‘drill, baby, drill’ promise on US gas prices, experts say
*# The US-Israeli war on Iran has triggered major disruptions in global fossil fuel markets, sending US gasoline prices above $3.50 per gallon and exposing the vulnerability of oil supplies to geopolitical shocks, according to experts. *# This surge ...
Top international stories selected by The Guardian editors.
"The Guardian is known for its progressive editorial stance and in-depth analysis."
— A47 Editor
Iran war punctures Trump’s ‘drill, baby, drill’ promise on US gas prices, experts say
*# The US-Israeli war on Iran has triggered major shocks in fossil fuel markets, exposing the vulnerability of oil and gas supplies to global conflict and undermining Donald Trump's "drill, baby, drill" promise on US gas prices, according to experts....
Policy, elections, and government reporting.
"NPR is an American public media organization known for thoughtful reporting and a slightly left-leaning editorial tone."
— A47 Editor
Trump ran on lowering gas prices. The war with Iran is challenging that promise
*# President Trump, who campaigned on lowering gas prices, faces mounting challenges as the war with Iran disrupts Middle East energy infrastructure and drives up fuel costs in the U.S. *# The surge in gas prices undermines a key pillar of Trump's af...