Gasoline prices set to go higher after Trump's Iran proposal rejection. Here's how much they can rise

In this article

Gasoline prices are expected to go over $5 a gallon, according to Kalshi traders, after President Donald Trump on Sunday turned down Iran’s counterproposal to end the war.

Over the past 24 hours, Kalshi traders ramped up their bets that gasoline prices would surpass $5.60 per gallon. The spike in activity comes after Trump said in a Truth Social post on Sunday that Iran’s counterproposal to end the war in the Middle East was “totally unacceptable.”

The president later said on Monday that the U.S. ceasefire with Iran was “on massive life support.”

Oil prices jumped on Monday, with West Texas Intermediate futures