US Gasoline Rises to Fresh 2022 High

2026-03-23 03:37 By Kyrie Dichosa 1 min. read

US gasoline futures climbed above $3.30 per gallon, hitting their highest level since July 2022, following threats to Middle Eastern energy facilities that could further disrupt supply.

President Trump gave Iran 48 hours to fully reopen the Strait of Hormuz or face US strikes on its power infrastructure, while Iran threatened retaliation against key energy plants if Washington acted.

Last week, both sides launched a wave of attacks targeting energy infrastructure.

Meanwhile, IEA Chief Fatih Birol said he is consulting with governments worldwide and that additional oil stock releases could be considered if needed.

This follows a recent major release of emergency stockpiles, while Washington has temporarily lifted sanctions on Iranian oil at sea to ease the supply crunch.

With the conflict showing no signs of abating and the closure of the strategic chokepoint, gasoline prices have surged more than 90% so far this year.



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US Gasoline Rises to Fresh 2022 High
US gasoline futures climbed above $3.30 per gallon, hitting their highest level since July 2022, following threats to Middle Eastern energy facilities that could further disrupt supply. President Trump gave Iran 48 hours to fully reopen the Strait of Hormuz or face US strikes on its power infrastructure, while Iran threatened retaliation against key energy plants if Washington acted. Last week, both sides launched a wave of attacks targeting energy infrastructure. Meanwhile, IEA Chief Fatih Birol said he is consulting with governments worldwide and that additional oil stock releases could be considered if needed. This follows a recent major release of emergency stockpiles, while Washington has temporarily lifted sanctions on Iranian oil at sea to ease the supply crunch. With the conflict showing no signs of abating and the closure of the strategic chokepoint, gasoline prices have surged more than 90% so far this year.
2026-03-23
US Gasoline Holds Above $3.10
US gasoline futures topped $3.20 per gallon, on track for a weekly gain of over 6% and up roughly 30% so far this month, driven by traffic bottlenecks in the Strait of Hormuz. Earlier this week, the conflict in Iran escalated as a series of attacks struck energy infrastructure across the region, heightening fears of deeper supply disruptions. Meanwhile, markets assessed signals that the US may soon lift sanctions on Iranian oil at sea to ease price pressures. Treasury Secretary Scott Bessent noted the move could involve about 140 million barrels and help cap prices over the next 10–14 days. President Donald Trump also said the US has no plans to deploy ground troops, while Benjamin Netanyahu signaled Israel would refrain from additional strikes on Iranian energy facilities. Elsewhere, seasonal demand is adding to the strain as spring travel picks up and refineries switch to costlier summer fuel blends.
2026-03-20
US Gasoline Resumes Rally
US gasoline futures climbed above $3.20 per gallon, resuming their rally after a brief pause in the previous session, as strikes on key Middle Eastern energy sites raised concerns over worsening supply disruptions. Iran targeted a major LNG export hub in Qatar, part of a broader campaign against regional energy infrastructure in response to attacks on its large South Pars gas field. The strikes mark a sharp escalation and further amplified fears of prolonged disruptions, with traffic through the Strait of Hormuz, which handles roughly 20% of the world’s oil and LNG, remaining stalled. Seasonal demand pressures are adding to the strain as spring travel picks up and refineries switch to more expensive summer fuel blends. To ease supply bottlenecks, the US is issuing a 60-day Jones Act waiver and releasing 172 million barrels from strategic reserves as part of a coordinated international effort.
2026-03-19