Gas prices rise and stock market takes a hit as Iran war continues
By Lauren Irwin
Published on March 3, 2026.
The United States and Israel have been involved in a conflict in the Middle East, with the Dow Jones Industrial Average dropping more than 1,000 points. The conflict is causing concerns among investors about rising oil prices after the United States, Israel, and Israel attacked Iran over the weekend, sparking a broader conflict across the region. The American Automobile Association reported that the average price for a gallon of gasoline rose 11 cents overnight, while Utah's average price at $2.89 per gallon is less than AAA's national average of $3.10. The Iranian government has threatened to attack any ship attempting to pass through the Strait of Hormuz, a shipping lane that provides about 20% of the world oil supply and is controlled by Iran. The war could continue for weeks or longer, according to officials in the U.S.
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