Gasoline Prices Climb to 3½-Year High

2026-03-30 02:00 By Kyrie Dichosa 1 min. read

US gasoline futures climbed above $3.30 per gallon, hitting their highest level since July 2022, as the Middle East war continued to escalate.

Prices are also on track for their biggest monthly gain on record of over 30%, following severe disruptions to energy flows after the near-complete closure of the Strait of Hormuz.

In the latest development, Iran-backed Houthi fighters in Yemen have joined the broader conflict and said their operations would persist until attacks against Iran and its allied militant groups come to an end.

Houthi involvement adds new risks to crude markets, as Red Sea disruptions and potential threats to Yanbu shipments could further tighten supply.

Meanwhile, additional US forces have been deployed to the region, fanning fears of a potential ground invasion.

These developments have extended the war into a fifth week and dimmed prospects for a near-term resolution.



News Stream
Gasoline Futures Rise
US gasoline futures rose to around $3.36 per gallon, remaining close to a seven-week high, as investors continued to assess mounting supply disruptions. The shutdown of Saudi Arabia’s East-West oil pipeline is adding to supply concerns, as attacks on energy infrastructure and disruptions to tanker traffic around the Strait of Hormuz continue to constrain crude flows and refinery feedstock availability. Meanwhile, instability along Yemen’s Red Sea coast is further disrupting maritime trade through the Bab el-Mandeb Strait. Capping gains, President Trump said Ukraine and Russia agreed to halt attacks on energy infrastructure, with President Zelenskyy later confirming Kyiv’s readiness to suspend strikes if Russia does the same. Meanwhile, prediction markets see a high probability that the average US gasoline price will surpass $4.60 in 2026, having already reached $4.32 on September 14, according to AAA.
2026-09-15
Gasoline Eases From 7-Week High
US gasoline futures dropped to around $3.31 a gallon, after reaching a seven-week high, while President Trump stated that Ukraine and Russia had agreed to refrain from striking energy infrastructure. President Zelenskyy later confirmed and stated Kyiv's readiness to suspend attacks if Russia halts strikes on its electricity systems and other energy facilities. However, Gulf negotiations over a temporary Strait of Hormuz shipping lane were delayed, while Saudi Arabia's closure of its East-West pipeline further compounded concerns over crude availability and refinery feedstock amid ongoing infrastructure attacks and shipping disruptions. Meanwhile, prediction markets see a high probability that the average US gasoline price will surpass $4.60 in 2026, having already reached $4.32 on September 14th, according to AAA.
2026-09-14
Gasoline Rises Toward 7-Week High
US gasoline prices rose above $3.37 per gallon, nearing a seven-week high, driven by intensifying supply disruptions. Saudi Arabia’s closure of its East-West oil pipeline has compounded ongoing energy infrastructure attacks and shipping disruptions through the Strait of Hormuz, raising concerns over crude availability and refinery feedstock supplies. Disruptions along Yemen’s Red Sea coast are also constraining shipping through the Bab el-Mandeb Strait, while attacks on Russian refineries are adding to global refined-product supply risks. EIA data showed US gasoline inventories rose by 1.3 million barrels in the week ended September 4 but remained 5% below the five-year average. Fuel production also declined despite US refineries operating near full capacity, limiting their ability to boost output further even as strong refining margins incentivized refiners to maximize production. National regular gasoline averaged $4.30 a gallon on September 11, according to AAA.
2026-09-14