Oil prices have surged to a four-year high after reports that the US military is preparing to brief President Donald Trump on possible new action involving Iran.
Since the US and Israel began military operations against Iran, crude prices have climbed sharply and the upward trend has continued, pushing prices to their highest level since 2022.
Oil is reported to have briefly moved above $126 per barrel. Brent crude jumped by nearly 7% overnight, touching $126.41 a barrel before easing back to around $116.3.
The spike comes as diplomatic efforts have failed to gain traction, while the Strait of Hormuz — a key route for global oil and natural gas shipments — remains closed.
Earlier this month, Trump suggested fuel costs could fall, but the latest developments indicate any relief at the pump may not be coming soon.
Asked directly about whether oil prices might come down, Trump told Fox News: “I hope so. I mean, I think so. It could be, it could be. Or the same. Or maybe a little bit higher. But it should be around the same, I think this won’t be that much longer.”
Meanwhile, U.S. News has listed where drivers are currently paying the most for gasoline.
Topping the list is Hong Kong, a major global financial hub, where drivers are facing the highest prices worldwide at about $15.37 per gallon.
In second place is Malawi in East Africa. Despite being considered one of the least developed countries globally, it ranks among the most expensive for fuel, with an average price of $10.83 per gallon.
Third is Norway, the priciest country in Europe on the list. Even as a significant oil exporter, the average cost to fill up there is around $10.37 per gallon, just behind Malawi.
Close behind in fourth is Denmark. Drivers there are paying just over $10 per gallon on average, at roughly $10.03.
Rounding out the top five is the Netherlands (often called Holland), where prices sit at about $9.91 per gallon — the only country in the top five still below the $10 threshold.
Despite these high figures, there are still places where fuel remains remarkably cheap. As of March 23, the lowest recorded prices started at just 9 cents per gallon. Below are 10 countries where you can fill up for less than $2 per gallon.