Gasoline Hits Almost 4-Year High

2026-04-27 01:26 By Kyrie Dichosa 1 min. read

Gasoline futures for delivery in New York Harbor climbed to around $3.50 per gallon in late April, the highest level since July 2022, as ongoing Middle East supply disruptions reduced crude availability for refiners.

While a ceasefire has been held since early April, it continues to face strain from ongoing tensions, with traders monitoring prospects for peace talks as the US reviews a proposal from Tehran.

Markets remain focused on the Strait of Hormuz, which has become largely impassable, with shipping activity nearly halted along a corridor that usually handles around 20 million barrels per day of oil and refined products.

Meanwhile, the US blockade of Iranian crude has also extended supply pressures to Chinese teapot refiners, which had largely avoided disruption until mid-April due to their heavy reliance on Iranian feed.

For the month, gasoline is heading for its fifth consecutive monthly advance.



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