Gasoline Hits Near 20-Month High

2026-03-03 03:58 By Czyrill Jean Coloma 1 min. read

Gasoline prices climbed 2% to around $2.42 per gallon, hitting their highest level since July 2024, as evolving tensions in the Middle East continued to stoke fears of supply disruptions.

Iran on Monday declared the closure of the Strait of Hormuz, a vital chokepoint through which roughly 20% of the world’s daily oil supply is shipped, and warned that it would set ablaze any ship attempting to transit the strategic waterway amid escalating regional tensions.

Meanwhile, executives at state-owned energy firms say officials have assured major importers that Beijing is working to keep traffic moving through Hormuz, underscoring China’s determination to protect energy supplies amid rising regional tensions.

In a bid to calm markets, eight OPEC+ nations announced plans to boost output by more than 200,000 barrels per day starting in April, ending a pause in production increases in the first quarter.



News Stream
Gasoline Hits Near 20-Month High
Gasoline prices climbed 2% to around $2.42 per gallon, hitting their highest level since July 2024, as evolving tensions in the Middle East continued to stoke fears of supply disruptions. Iran on Monday declared the closure of the Strait of Hormuz, a vital chokepoint through which roughly 20% of the world’s daily oil supply is shipped, and warned that it would set ablaze any ship attempting to transit the strategic waterway amid escalating regional tensions. Meanwhile, executives at state-owned energy firms say officials have assured major importers that Beijing is working to keep traffic moving through Hormuz, underscoring China’s determination to protect energy supplies amid rising regional tensions. In a bid to calm markets, eight OPEC+ nations announced plans to boost output by more than 200,000 barrels per day starting in April, ending a pause in production increases in the first quarter.
2026-03-03
Gasoline Hits 18-month High
Gasoline increased to 2.39 USD/Gal, the highest since August 2024. Over the past 4 weeks, Gasoline gained 29.63%, and in the last 12 months, it increased 8.84%.
2026-03-02
Gasoline Rises 5%
Gasoline prices rose as much as 5% to 2.42 USD/Gal, the highest since August 2024, after unprecedented joint US and Israeli strikes on Iran that killed supreme leader Ayatollah Ali Khamenei raised fears of major disruptions to energy supplies. Shipping companies quickly began rerouting vessels away from the Strait of Hormuz after insurers warned they might cancel coverage or sharply increase premiums. The strategic waterway is a crucial chokepoint, handling roughly one-fifth of global oil shipments as well as significant volumes of natural gas. Meanwhile, OPEC+ announced on Sunday that it would resume output hikes after a first-quarter pause, with a planned increase of 206,000 barrels per day in April, equivalent to less than 0.2% of global demand.
2026-03-01