Oil Surges as Mideast Tensions Mount

U.S. Gas Prices Surge Amid Iran War Impasse U.S. average gasoline prices increased to $4.18 per gallon on Tuesday, April 28, 2026, marking the highest level since the start of the Iran war, as peace negotiations between Washington and Tehran reached an impasse. This surge reflects concerns over a prolonged energy crisis, particularly with the continued closure of the Strait of Hormuz, a critical global shipping lane.

The price increase follows skepticism from the White House regarding Iran's latest peace proposal, which seeks to defer discussions on its nuclear program. President Donald Trump has consistently stated that any agreement must include Iran's cessation of uranium enrichment and abandonment of its nuclear program.

The current stalemate occurs amidst a fragile ceasefire and ongoing U.S.-Iranian naval tensions in the Persian Gulf, which continue to restrict shipping and elevate global energy prices.

Concurrently, President Trump faces a May 1 deadline under the 1973 War Powers Resolution, requiring potential congressional approval to continue military operations beyond 60 days. The initial notification to lawmakers was made on March 2. Separately, Lebanese President Joseph Aoun condemned Israeli airstrikes that killed three Lebanese emergency response workers, accusing Israel of violating international laws protecting non-combatants.