How Tensions in the Strait of Hormuz Affect Your Wallet

Gasoline prices have increased since the United States and Israel began their attacks against Iran on February 28, 2026.

In the image below, you can see how the national weekly average rose from $2.29 per gallon during the week of February 23, 2026, to $3.50 per gallon during the week of March 9, 2026.

The Strait of Hormuz

As we explained in this Factchequeado article, the Strait of Hormuz is a waterway about 24 miles wide at its narrowest point, located between Iran and the United Arab Emirates. One‑fifth (20%) of the world’s oil trade—around 21 million barrels per day—passes through it. The Strait connects the Persian Gulf, the Gulf of Oman, and the Indian Ocean.

Source: Google Maps.

Since the beginning of the war, there have been at least five reports of vessels attacked in the Strait, according to data collected through March 13, 2026, by the United Kingdom Maritime Trade Operations center. In addition, two sources told Reuters on March 11, 2026, that Iran was deploying mines in the Strait.

Meanwhile, Donald Trump said in a Fox News interview released on March 13, 2026, that the United States could escort ships traveling through the strait “if it’s necessary for us to do it, but, you know, let’s hope things go very well and we’ll see what happens.”

The vast majority of crude oil that passes through the Strait of Hormuz (84%) is destined for Asian markets, while only 7% reaches the United States, according to this 2025 report from the U.S. Energy Information Administration (EIA). However, a disruption affecting 20% of global oil transit increases prices in all international markets—especially because traders do not know how long the Strait might remain impassable—John Browne, former president of British Petroleum (BP), told the BBC.

Tip: You can compare gas station prices in your area using apps like GasBuddy, Upside, Waze, or Google Maps to monitor real‑time gasoline prices anywhere in the United States.

But it’s not just gasoline prices…

David Ortega, a food economics professor at Michigan State University, told PBS that if oil prices remain high, the cost of fresh food could rise because “it gets to the supermarket using diesel, whether by truck or by ship.” Diesel prices increased from $3.80 per gallon during the week of February 23 to $4.80 per gallon during the week of March 9, according to EIA data.

Ortega also explained that oil prices affect agricultural production because they raise the cost of machinery fuel and fertilizers, which are produced from natural gas.

Gregory Daco, chief economist at the consulting firm EY‑Parthenon, estimated in a March 11, 2026, analysis that due to volatility and rising oil prices—and as long as hostilities in the Strait of Hormuz continue—inflation in March 2026 could increase by nearly 1% above the 2.4% recorded in February 2026.

How Tensions in the Strait of Hormuz Affect Your Wallet was first published as "Cómo las tensiones en el estrecho de Ormuz afectan tu bolsillo" by Factchequeado and republished with permission.

Rafael Olavarría is a Political and immigration fact‑checker.