Wall Street braces for huge sell-off as oil hits highest level in four years and gas prices hit $8-a-gallon | 8 March 2026 | Wall Street is bracing for another turbulent week after oil prices surged above $100 a barrel on Sunday night as the war with Iran continues to disrupt global energy supplies. The spike has already begun hitting Americans in their wallets. The national average price of gasoline has climbed to $3.45 a gallon on Sunday, according to AAA — up about 16 percent in just a week since the conflict began. In California, the statewide average has jumped above $5 a gallon. Drivers at the Chevron station at 901 N Alameda Street in Los Angeles were facing $8.21 for a gallon of regular gas. Oil markets reacted to the ongoing closure of the Strait of Hormuz, the narrow shipping channel controlled by Iran through which roughly one-fifth of the world’s oil normally flows. U.S. crude oil surged above $108 a barrel, the first time it has crossed the $100 mark since Russia’s mission in Ukraine in 2022. Global benchmark Brent crude also surged above $107 a barrel.