A 12% surge in crude oil prices due to Middle East tensions may push U.S. gasoline averages above $4 per gallon within days.
U.S. gasoline prices are set to exceed $4 per gallon in the coming week, driven by a 12% rally in crude oil prices since Friday. The spike follows renewed hostilities in the Middle East, disrupting supply expectations after the collapse of a U.S.-Iran ceasefire.
Prior to this week, gasoline prices had stabilized after months of volatility, but tight global fuel markets and rising crude costs are now reversing that trend. Analysts cite persistent supply constraints as a key factor in the upward pressure on pump prices.
The national average last crossed $4 per gallon in mid-2023, with the current surge threatening to reignite inflation concerns for consumers and policymakers.