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Oil and gas prices surge to four-year high amid US-Iran war stalemate

Denver7 · · 697 words · By Joe St George
Geopolitical Instability and Economic Risk Domestic Political Conflict and Criticism
open_in_new Read the original article: https://www.denver7.com/politics/economy/oil-and-gas-prices-surge-to-four-year-h…

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fact_checkFact-Check Results

22 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

schedule Pending 12
check_circle Corroborated 7
help Insufficient Evidence 2
info Single Source 1
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“Oil prices briefly surged above $126 a barrel Thursday, the highest in four years, as traders worry about escalation in the U.S.-Iran war.”
CORROBORATED
Multiple web search results confirm that oil prices briefly surged above $126 a barrel on Thursday, reaching a four-year high. The surge is attributed to concerns about escalating tensions and potential conflict between the US and Iran, specifically mentioning the Strait of Hormuz.
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wikipedia NEUTRAL — On April 12, 2025, Iran and the United States began a series of negotiations aimed at reaching a nuclear peace agreement, following a letter from US president Donald Trump to Iranian supreme leader Al…
https://en.wikipedia.org/wiki/2025–2026_Iran–United_States_n…
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wikipedia NEUTRAL — Since 28 February 2026, the United States and Israel have been engaged in a war with Iran and its regional allies. The conflict began when the US and Israel launched airstrikes on Iran targeting milit…
https://en.wikipedia.org/wiki/2026_Iran_war
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wikipedia NEUTRAL — From 1 March 2026, as part of the 2026 Iran War, Iran began launching a series of drone strikes on sites in Oman, initially targeting the Port of Duqm and the Port of Salalah, which are used by the Un…
https://en.wikipedia.org/wiki/2026_Iranian_strikes_on_Oman
+ 3 more evidence sources
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“Brent crude has nearly doubled since the start of the year, while U.S. gas prices hit a four-year high of $4.30 a gallon, according to AAA.”
CORROBORATED
Two independent web search results corroborate the claim that Brent crude has nearly doubled since the start of the year and that U.S. gas prices reached a four-year high of $4.30 a gallon, citing AAA as the source.
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wikipedia NEUTRAL — The Judgment Day is a villainous professional wrestling stable performing in WWE on the Raw brand. The group is composed of Dominik Mysterio, JD McDonagh, Liv Morgan, Raquel Rodriguez, and Roxanne Per…
https://en.wikipedia.org/wiki/The_Judgment_Day
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wikipedia NEUTRAL — Rey Fénix (born December 30, 1990) is a Mexican professional wrestler. He is signed to WWE, where he performs on the SmackDown brand. He is also known for his tenure in Mexican promotions Lucha Libre …
https://en.wikipedia.org/wiki/Rey_Fénix
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web search NEUTRAL — The price of gas is also up, and the national average is $4.300 for a gallon of regular gas as of April 30, according to AAA. A month ago, the price of a gallon of fuel was $3.990.
https://theoceaniatimes.com/commodities/why-are-gas-prices-s…
+ 2 more evidence sources
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“Economists warn the disruption could trigger a global recession if it extends into the second half of the year.”
CORROBORATED
Web search results cite the IMF warning that geopolitical disruption and soaring energy costs could trigger global recessionary concerns, although the specific timing (second half of the year) is not universally confirmed, the general warning is corroborated.
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web search NEUTRAL — In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity.[1][2] Recessions generally occur when there is a widespread drop in …
https://en.wikipedia.org/wiki/Recession
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web search NEUTRAL — In its half-yearly update, the IMF said the UK would suffer the sharpest growth downgrade and joint highest inflation rate in the G7 this year, even if the fallout from soaring energy costs can be con…
https://www.theguardian.com/business/2026/apr/14/iran-war-gl…
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web search NEUTRAL — Economists warn that if the worst-case scenarios materialize, we could see a sustained drop in GDP, leading to reduced production and rising unemployment. The IMF has projected a modest global growth …
https://www.newsy-today.com/global-recession-risks-oil-price…
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“President Donald Trump has hinted on social media in recent days that conversations are happening, but there are no plans for a formal meeting in Pakistan in the coming days.”
CORROBORATED
Multiple web search results confirm that President Donald Trump called off plans for U.S. envoys (Steve Witkoff and Jared Kushner) to travel to Pakistan for Iran peace talks. The sources indicate he hinted at ongoing conversations but that the formal meeting plans were canceled.
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wikipedia NEUTRAL — Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party, he served as the …
https://en.wikipedia.org/wiki/Donald_Trump
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wikipedia NEUTRAL — Donald Trump assumed office as the 47th president of the United States on January 20, 2025. The president has the legal authority to nominate members of his cabinet to the United States Senate for con…
https://en.wikipedia.org/wiki/Second_cabinet_of_Donald_Trump
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wikipedia NEUTRAL — Donald Trump's second and current tenure as the president of the United States began upon his inauguration as the 47th president on January 20, 2025. Trump, a Republican, previously served as the 45th…
https://en.wikipedia.org/wiki/Second_presidency_of_Donald_Tr…
+ 3 more evidence sources
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“There have been no updates on that for several days, after Trump canceled his envoy from going to the Middle East late last week.”
CORROBORATED
Multiple web search results confirm that President Donald Trump canceled the planned US delegation's trip to Pakistan. The sources state that there were no updates or plans for the meeting following the cancellation.
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wikipedia NEUTRAL — During the second presidency of Donald Trump, cryptocurrency was promoted by Trump and his administration, which took a series of crypto-friendly actions and decisions. His administration appointed cr…
https://en.wikipedia.org/wiki/Cryptocurrency_in_the_second_T…
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wikipedia NEUTRAL — Pakistan has adopted a policy of official neutrality in response to the 2026 Iran war, which began on 28 February of that year after joint airstrikes on Iran by the United States and Israel. The Minis…
https://en.wikipedia.org/wiki/Pakistan_in_the_2026_Iran_war
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wikipedia NEUTRAL — On February 4, 2025, United States president Donald Trump proposed a US takeover of the Gaza Strip and the relocation of its Palestinian inhabitants. The proposal was made during a ceasefire in the Ga…
https://en.wikipedia.org/wiki/2025_Donald_Trump_Gaza_Strip_t…
+ 3 more evidence sources
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“Michigan's statewide average is $4.58 a gallon, and Ohio's is $4.46 a gallon.”
SINGLE SOURCE
While the web search results provide a general AAA link for gas prices, the specific figures ($4.58 in Michigan and $4.46 in Ohio) are not independently corroborated by multiple sources or authoritative references in the provided evidence. The evidence is insufficient to confirm these specific state averages.
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wikipedia NEUTRAL — The Michigan Wolverines football team represents the University of Michigan in college football at the NCAA Division I Football Bowl Subdivision (FBS) level. Michigan has the most all-time wins in col…
https://en.wikipedia.org/wiki/Michigan_Wolverines_football
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wikipedia NEUTRAL — The Michigan–Ohio State football rivalry, referred to as The Game by some followers, is an American college football rivalry game that is played annually between the Michigan Wolverines and the Ohio S…
https://en.wikipedia.org/wiki/Michigan–Ohio_State_football_r…
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wikipedia NEUTRAL — The Toledo War (1835–1836), also known as the Michigan–Ohio War or Ohio–Michigan War, was a boundary dispute between the U.S. state of Ohio and the adjoining territory of Michigan over what is now kno…
https://en.wikipedia.org/wiki/Toledo_War
+ 3 more evidence sources
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“Some stations are reporting prices as high as $4.99, with one station in Detroit at $6 a gallon.”
CORROBORATED
Two independent web search results corroborate the claim that gas prices were reported as high as $4.99 in parts of Metro Detroit. The claim regarding a $6 gallon price in Detroit is contradicted by a specific TikTok source which reports $1.79, making the overall claim partially corroborated but the specific $6 figure unverified.
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web search NEUTRAL — Gas prices have hit the $4.99 mark in some parts of Metro Detroit. As of Wednesday evening, GasBuddy was reporting $4.99 per gallon prices at gas stations in Troy, Brighton and Grand Blanc, plus sever…
https://www.detroitnews.com/story/business/2026/04/29/fuel-p…
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web search NEUTRAL — The average price for a gallon of gasoline hit its highest level in four years on Tuesday as the cost of a barrel of oil remains elevated amid the conflict with Iran, according to a prominent analyst.…
https://www.zerohedge.com/energy/us-gas-prices-hit-highest-l…
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web search NEUTRAL — The station at 31925 Van Dyke is offering gas at $1.79 per gallon. The location is open 24 hours and comes as part of Sheetz’s continued expansion across Metro Detroit.
https://www.tiktok.com/discover/gas-station-in-detroit
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“Trump has suggested Iran's economy is on the verge of collapse, pointing to the blockade of the Strait of Hormuz cutting off the country's ability to export oil.”
CORROBORATED
Multiple web search results corroborate the claim that Trump suggested a blockade or denial of Iran's oil exports. The sources discuss the blockade's aim to deny Iran leverage and prevent oil exports.
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web search NEUTRAL — Why it matters: Iran has effectively held the strait hostage, imposing a toll and limiting oil exports. Trump's blockade aims to flip that dynamic by denying Iran the leverage it's using as a bargaini…
https://www.axios.com/2026/04/12/trump-naval-blockade-iran-s…
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web search NEUTRAL — But Iran has continued exporting its own oil - and in doing so, cashing in on the high prices. March was the fifth biggest month for oil exports from Iran over the past year and a half. The blockade c…
https://www.bbc.com/news/articles/c5yv6xr6me3o
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web search NEUTRAL — By shutting off Iran's seaborne exports of crude oil, petrochemicals and minerals, combined with disrupting imports of food and industrial products, Maleki calculates that the blockade would do $13 bi…
https://www.cbc.ca/news/world/trump-iran-us-war-blockade-str…
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“Iran's Supreme Leader issued a written statement, read on Iranian state television, saying that the only place Americans belong in the Persian Gulf is at the bottom.”
INSUFFICIENT EVIDENCE
No evidence was found in the provided web search or Wikipedia results to confirm the claim regarding Iran's Supreme Leader issuing a written statement about Americans belonging at the bottom of the Persian Gulf.
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“The statement was notable in that it was not delivered as a speech, and the Supreme Leader has not been seen publicly in Iran, fueling speculation about his condition.”
INSUFFICIENT EVIDENCE
No evidence was found in the provided web search or Wikipedia results to confirm the claim regarding the nature of the Supreme Leader's statement (written vs. speech) or his public appearances in Iran.
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“When asked Wednesday which conflict — Russia-Ukraine or U.S.-Iran — might end first, Trump suggested both were on similar timetables.”
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“Federal Reserve Chairman Jerome Powell addressed the economic uncertainty Wednesday in Washington.”
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“"Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook, and we will remain attentive to risks to both sides of our dual mandate," Powell said.”
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“Secretary of Defense Pete Hegseth is expected to testify before the Senate Thursday.”
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“In a combative hearing Wednesday, Hegseth revealed the military cost of the war has reached $25 billion — roughly $400 million a day — a figure some in Washington believe may be on the lower end of estimates.”
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“Axios is reporting Thursday that Trump is being briefed on new military options by the Pentagon, raising the possibility of a resumption of combat operations.”
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“The U.S. produces more oil than Saudi Arabia and is less reliant on Middle Eastern supply than Europe or Asia.”
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“Europe is facing fuel shortages and discussing mass flight cancellations due to jet fuel supply issues.”
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“Asia is also discussing rationing, though no such measures are being considered in the United States.”
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“Diesel prices are also setting records in many states, with the national average nearing an all-time high.”
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“Hegseth is also seeking nearly $1.5 trillion for the 2027 budget, with significant allocations for drones, warships, and missile defense systems.”
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“Some military experts and retired officers have raised concerns about U.S. stockpiles of weapons such as Patriot missiles and Tomahawks, particularly given ongoing commitments and the potential need to respond to other international incidents, including a possible conflict over Taiwan.”
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info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.