US gas reaches $4.30 per gallon; Trump says prices will drop after Iran war

Oil prices surged above $100 a barrel on Monday after US-Iran talks in Pakistan failed and former US President Trump ordered a blockade of the Strait of Hormuz, effective immediately. The US Central Command began seizing control of maritime traffic in the strait, targeting Iranian vessels and ships paying tolls to Iran. Brent crude rose nearly 7% and US crude increased over 8%, while British wholesale gas prices also jumped. Asian stock markets mostly fell in response. Analysts suggest the blockade, intended to choke off Iranian oil flow, adds significant risk to oil markets and could contribute to global inflation. A UN report warns that the economic fallout from the conflict could push over 32 million people worldwide into poverty, particularly in developing countries.

Asian stock markets surged and oil prices fell on Tuesday following President Trump's statement that Iranian officials expressed interest in negotiating a deal with the US. The Nikkei 225 in Japan and South Korea's KOSPI experienced significant gains, while Singapore, Hong Kong, and Shanghai also saw increases. The market rally followed gains on Wall Street, with the S&P 500 finishing up 1 percent overnight. Brent crude oil prices dipped below $98 a barrel. This positive market shift occurred despite the US imposing a naval blockade on Iranian ports, a move expected to worsen the global energy shortage.

Asian shares mostly increased on Wednesday, April 15, 2026, following a Wall Street rally fueled by lower oil prices. The price decrease stemmed from hopes that the United States and Iran might resume talks to end their ongoing war. Japan's Nikkei 225 and South Korea's Kospi saw gains, while Australia's S&P/ASX 200 and Hong Kong's Hang Seng experienced slight increases. The Shanghai Composite showed a marginal decline. The previous day, the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all rose on Wall Street. Analysts cautioned that the optimism surrounding potential peace talks might be premature given the continuing conflict.

The US is mediating talks between Israel and Lebanon, with a new meeting scheduled for Thursday after rare direct discussions. This follows earlier statements from Netanyahu about Israel's potential military action in southern Lebanon. Simultaneously, the US has imposed new sanctions on Iran's oil sector. These developments coincide with indirect talks between the US and Iran aimed at extending a two-week ceasefire. Asian stock markets mostly rose, and oil prices stabilized on Thursday, fueled by expectations of a ceasefire extension and further US-Iran talks.