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Seeing 'Signs' Gas Prices Headed in Direction of $5 a Gallon, Says Seigle
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March 18, 2026
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7:33Now PlayingClayton Seigle, senior fellow at the Center for Strategic and International Studies, said that while he hopes that the US isn't headed back toward $5 a gallon gas, 'there are signs' prices may be headed in that direction as oil prices soar in the US and even higher in Asia.
The US took fresh steps to curb the turmoil in energy markets as Iran vowed to escalate its attacks on oil and gas infrastructure in the Middle East with the conflict stretching toward three weeks.
President Donald Trump temporarily waived a century-old shipping mandate to lower the cost of transporting energy goods around the US. Vice President JD Vance and other key Trump administration officials also plan to huddle with oil executives Thursday, according to people familiar with the matter.
Still, Trump expressed renewed irritation with countries who have rejected pleas to help secure the Strait of Hormuz, a critical energy waterway which remains all but impassable.
“US allies need to get a grip – step up and help open the Strait of Hormuz,” he said in a social media post Wednesday.
As military operations showed little signs of abating, Brent crude prices neared $110 a barrel.
Tehran warned Gulf countries that a number of energy assets are now “legitimate targets” after Israel attacked a key gas field in Iran. Facilities in Qatar, Saudi Arabia and the United Arab Emirates are on a list of sites at risk of Iranian airstrikes, the semi-official Tasnim news agency reported on Wednesday.
Israel carried out the strike on South Pars, a senior official from the country said, asking not to be named discussing sensitive matters. Iraq reported a loss of power generation after Iran halted gas supplies as a result — the latest example of how other Middle East countries are becoming embroiled in the 19-day conflict.
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