Oil prices are surging, topping $100 per barrel again early Monday.
The jump is a result of ceasefire talks between the U.S. and Iran collapsing over the weekend and the U.S. beginning to implement a blockade on Iranian ports, dimming hopes that gas prices could come down.
"The optimism was pretty much dashed by the blockade," said Tom Kloza, Chief Energy Advisor for Gulf Oil. "And that means that prices at the pump, whatever you're pumping are going to be rising this week."
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The U.S. average cost of a gallon of gas was $4.13 on Monday.
That’s down a few pennies from last week’s peak, following the initial announcement of a two-week ceasefire. But experts say expect that price to climb again.
"Bottom line is you're going to pay more," Kloza said. "For a family of four that usually uses about 60 gallons a month, it's going to add up to about $100 more than we would have paid if not for the Iran war."
President Trump over the weekend was asked on Fox News about the rising price of gas.
Fox News' Maria Bartiromo: So do you believe the price of oil and gas will be lower before the midterm elections?
President Donald Trump: 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.
The speaker of Iran’s parliament said in a social media post that if the blockade continues, Americans will soon be nostalgic for $4-5 gas.
Diesel prices and jet fuel also rising, meaning Americans can anticipate higher prices for many delivered goods and travel.
"Inflation is going up, up, up this spring," said economist Heather Long.
