The US-Iran conflict could still drive up food prices. How to get ahead of it.

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Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure . The US-Iran conflict could still drive up food prices. How to get ahead of it. Ivana Pino Senior Writer Updated Wed, July 8, 2026 at 8:50 AM PDT 4 min read The Iran war pushed energy prices higher over the past couple of months, with elevated oil prices beginning to spill over into everyday expenses. And oil prices spiked sharply on Wednesday after US WTI crude ( CL=F ) jumped to $75.54 a barrel and Brent crude ( BZ=F ) climbed to $79.81, as President Trump declared the US-Iran deal "over." Just last week, Brent had fallen below $71 a barrel, its lowest level since before the war began in February. Gas prices, which rose $1.16 a gallon nationally at the height of the war, had eased back to $3.79 but could climb again if the renewed conflict disrupts supply through the Strait of Hormuz. But fuel costs are not th...
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Kalshi traders think gas prices will stay higher for longer as U.S.-Iran tensions heat back up

With the U.S. and Iran exchanging strikes once again and the return of normal traffic flows in the Strait of Hormuz in doubt traders on prediction market platform Kalshi think gas prices will likely still be elevated for longer now. Speculators think there's a 75% chance that gas prices on Election Day, Nov. 3, will be above $3.50 per gallon, and place 39% odds that prices will be above $3.75. Before the recent developments in the Middle East, those odds were as low as 37% and 22%, respectively. The contract is resolved using data from AAA's national average of gas prices . WTI Crude 5-day chart. On Thursday, the national average of gas prices was at $3.84, according to AAA, up 5 cents from the day prior. The rise comes as U.S. oil prices rose as high as $75 per barrel on Wednesday , up from around $68 per barrel on Monday. However, WTI crude eased to below $72 per barrel on Thursday. While traders on Kalshi think gas prices will remain higher for longer, they also don't see them returning to new highs. They give just a 43% chance gas prices cross $4.60 this year, although that's up from about a one-in-three chance before renewed hostilities between the U.S. and Iran. The high for gas prices in 2026 was on May 21, when the average hit $4.56. Before the war with Iran began, the national average for U.S. gas prices was below $3 per gallon. Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.

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