economy
Gas prices rise as oil hits $111 a barrel
Updated on: March 18, 2026 / 5:52 PM EDT / CBS/AP
TL;DR
- Average gasoline prices reached $3.84 per gallon, the highest since September 2023.
- Diesel prices topped $5 per gallon for the first time since 2022, exceeding $6 in some Western states.
- The surge in gas prices is attributed to a 51% crude oil cost, with Brent crude rising from roughly $70 to $111.45 per barrel.
- The conflict in the Middle East has disrupted oil supplies and shipping through the Strait of Hormuz.
- Iran has threatened attacks on oil infrastructure in Qatar, Saudi Arabia, and the UAE.
- A 60-day waiver of the Jones Act by President Trump is considered a temporary measure unlikely to significantly impact prices.