US gas prices jump 11 cents per gallon, AAA says

March 3, 2026

TL;DR

U.S. gas prices jumped 11 cents overnight to $3.11 per gallon, the highest in over three months.
The increase is linked to the conflict with Iran and disruptions to oil shipments through the Strait of Hormuz.
Petroleum analysts predict gas prices could rise by an additional 30 cents by the end of the week.
Oil prices have surged, with Brent crude rising 6.2% and U.S. crude up 8.8%.
Higher gas prices reduce household purchasing power, though the long-term impact depends on duration.
Natural gas prices are also rising, potentially leading to higher home heating and electricity costs.
Qatar shut down LNG production due to drone attacks, impacting global LNG supply.
LNG markets are considered less resilient than oil markets due to a lack of strategic reserves and spare capacity.

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