At the close of markets on Friday, crude oil prices settled near or above $100 a barrel — more than $30 a barrel higher than on Feb. 27, before the start of the conflict. Domestic West Texas Intermediate (WTI) settled at $98 and Brent crude — the benchmark made of up mostly Middle Eastern-produced oil — landed at $112. That’s an increase of 8.7% week over week for Brent and its highest closing price since 2022.
Oil prices remain elevated despite announcements of huge releases from strategic petroleum reserves around the world and the U.S. lifting sanctions on millions of barrels of Russian oil stored on tankers at sea around the world. Those measures have eased some pressure on prices, but markets remain concerned about the long-term impacts of the war on oil and gas production in the Middle East and the lack of cargo traffic through the critical Strait of Hormuz.
With supply from the Middle East slowed to a trickle, countries around the world are increasingly looking to the U.S. to meet supply needs. Total U.S. crude exports last week climbed by 1.45 million barrels a day to 4.89 million barrels a day, according to the Energy Information Administration (EIA), with much of the extra crude exports bound for Asia.
As the national average for a gallon of regular unleaded nears $4, demand for gasoline settled at 8.7 million barrels a day last week — a decline of 513,000 barrels a day, the EIA reported. The figure is considered strong for this time of year and only 89,000 barrels a day below the comparable week in 2025, but it is likely elevated by fuel suppliers increasing their purchases to get ahead of surging prices since the start of the war.
“As the conflict with Iran continues, gas prices are likely to remain under pressure as long as oil prices stay elevated,” said Jillian Young, director of public relations for AAA Northeast. “Prices at the pump across the Northeast haven’t been this high since 2022, following Russia’s invasion of Ukraine, which sent oil and gas markets into similar turmoil.”
AAA’s March 23 survey of fuel prices found the national average up 24 cents from last week ($3.71), averaging $3.95 per gallon. The March 23 national average price was $1.02 higher than a month ago ($2.93) and 83 cents higher than last year ($3.12).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.88 | $3.64 | $2.90 | $3 |
| Massachusetts | $3.73 | $3.55 | $2.90 | $2.95 |
| New Jersey | $3.88 | $3.61 | $2.92 | $2.94 |
| New York | $3.85 | $3.61 | $2.99 | $3.10 |
| Rhode Island | $3.76 | $3.56 | $2.86 | $2.92 |
*Prices as of March 23, 2026
As of March 23, Oklahoma and Kansas had the lowest gas prices in the nation at $3.25 and $3.26, respectively. California and Washington had the highest prices in the nation at $5.79 and $5.27, respectively.
Last updated on March 23, 2026 by AAA Staff
Based in Rhode Island, Jillian Young is AAA Northeast’s director of public relations. She regularly appears in local TV, radio and print media to discuss traffic safety, travel, insurance and more.
