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BP Fuel Pump
A fuel pump is seen connected to a car at a gas station in this illustration photo taken in Poland on March 15, 2025. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

US gas prices jump to highest level of Trump’s time in office

Prices are up about $0.34 per gallon since the conflict started.

Luke Kawa

The disruption in oil markets following joint US and Israeli attacks against Iran has propelled American gas prices to their highest level of President Donald Trump’s time in the White House (including his first term in the office).

Average prices for unleaded gasoline continued their climb to $3.32 per gallon on Thursday, per data from the American Automobile Association, the highest level since September 2024. Prices are up 33.8 cents per gallon since February 27, the day before these Mideast strikes began.

Traffic through the Strait of Hormuz, a key choke point for oil shipments that borders Iran, has slowed to a trickle since the start of the conflict. While Trump has indicated that US economic and military might will relieve the threat to transport “as soon as possible,” analysts at ship broker SSY indicated that this will take time.

Of course, prices at the pump now are still meaningfully lower than they were in the months after Russia’s invasion of Ukraine, when resulting restrictions on the flow of Russian oil caused crude and refined product prices to spike.

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Prediction markets currently expect prices to be around $3.40 on March 9, and to end the month between $3.60 and $3.70.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

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