The ongoing war and the blockade of the Strait of Hormuz have driven global energy prices higher, with Brent crude trading at $92 a barrel on August 24, 2026

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An October 2026 Moody's estimate found that surging fuel prices, airfares, and mortgage rates tied to the U.S. war on Iran, ongoing since February, cost each American household an average of $2,000

Average U.S. gas prices reached $4.26 per gallon on October 21, 2026, up almost $1.21 from the prior year following U.S. strikes on Iran and conflict in the Strait of Hormuz, according to AAA

Alberta holds the world's fourth-largest proven oil reserves and sends approximately 90% of its crude oil exports to the United States.

U.S. officials stated that Iran increased attacks on ships in the Strait of Hormuz to raise global oil prices and pressure President Donald Trump before U.S. midterm elections.

The Islamic Revolutionary Guard Corps reported that an oil tanker carrying over two million barrels of crude oil caught fire after striking a mine while transiting the Strait of Hormuz on October 17, 2026.

U.S. Central Command chief Adm. Brad Cooper stated that 400 ships carrying 100 million barrels of oil transited the Strait of Hormuz during the second week of October 2026.

Secretary of State Marco Rubio stated on October 17, 2026, that Russian diesel would have been sold regardless of U.S. intervention and that the 60-day sanctions pause allows evaluation of economic impacts.

The Trump administration authorized certain transactions involving Russian diesel on October 9, 2026, to allow Russia to supply diesel to U.S. and global markets.

Ukrainian drone strikes targeting Russian oil refineries, including an oil-loading terminal linked to the Novoshakhtinsk refinery in Rostov-on-Don, have disrupted Russian diesel production and global energy supplies.

Average gas prices in the United States reached $4.31 a gallon on October 17, 2026, representing an increase of nearly 45 percent since the start of the U.S. war with Iran.

President Donald Trump criticized Ukrainian drone strikes on Russian oil refineries, attributing them to rising domestic U.S. diesel prices.

U.S. national average gas prices reached $4.28 per gallon and diesel reached $6.32 per gallon following U.S. and Israeli military strikes on Iran in February 2026.

Earlier in October 2026, President Donald Trump signed an executive order expanding access to tax-exempt red-dyed diesel used in farm and construction equipment to help lower fuel costs

Rising diesel fuel prices and increased living costs facing American households have been driven in part by the ongoing U.S.-Israeli war with Iran

President Donald Trump stated in October 2026 that he would not authorize a ban on diesel exports despite calls from some Republicans for an export pause

The national average price for a gallon of diesel fuel reached $6.3187 in October 2026, compared to an average price of $3.63 per gallon one year prior

In Kansas, the average price for a gallon of regular gasoline reached $3.9783 and diesel reached $6.0722, according to AAA data reported in October 2026

Pipeline capacity constraints in the Northeast contributed to petroleum briefly surpassing natural gas as New England's leading source of electricity generation during Winter Storm Fern in January 2026

The U.S. Energy Information Administration forecasts that heating oil prices will average 34% higher in winter 2026 than the prior winter, increasing household heating expenses by about 21%

Ongoing military conflict involving Iran has driven up fuel expenses, with Korean American voter Rebecca Larocco reporting local gas prices rising by almost $1.50 a gallon.