Energy · Trump Iran Strike Threat · ArchiveOil Surges 8% on Trump Iran Strike ThreatAired July 29, 2026 at 8:55 PM UTCWritten September 7, 2026 at 9:22 PM UTCRead the write-upThis storyTranscript · LOADING0:00Oil prices surged about 8% today after0:03President Trump announced the US would0:04carry out hard retaliatory strikes on0:06Iran. That's according to ABC News. The0:09crude oil price jumped roughly 8%0:11following the announcement.0:15The national average for gasoline has0:17now risen above $4 a gallon. Here's what0:19that means at the pump. The national0:21average for gasoline has risen above $40:24a gallon and diesel is nearing its0:26wartime peak. Shipping risks in the0:27Strait of Hormuz and other routes are0:29adding to global oil supply concerns,0:32which could further push up fuel costs0:33for consumers and businesses. The Strait0:35of Hormuz is a key oil artery.0:38Disruptions there, along with other0:40route risks, are tightening the supply0:42picture and could make fuel even more0:44expensive.Explore with HeyDexThe shortThe short ↗