Gasoline Rises to Eight-Week High

2026-09-15 17:44 By Larissa Caser 1 min. read

US gasoline futures rose above $3.45 a gallon, rising to an eight-week high, amid a tightening outlook for energy supply from the Middle East.

Attacks last week by Iran-backed Houthi rebels shut down a crucial crude pipeline in Saudi Arabia that bypasses the Strait of Hormuz, which remains under blockade.

Since the start of the US-Iran war, the crack spread has surged from the teens to above $60, reflecting demand for refined products outpacing refiners’ ability to produce them.

Refiners had long warned about the impact of depleting crude reserves, and although operating near full capacity, delays to non-essential work have compounded the maintenance backlog ahead of seasonal fall maintenance, posing an ongoing threat to refined-product supplies.

While UK authorities fear the pipeline could remain shut for as much as six weeks, US Energy Secretary Wright told reporters that it would reopen "very soon".



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Gasoline Rises to Eight-Week High
US gasoline futures rose above $3.45 a gallon, rising to an eight-week high, amid a tightening outlook for energy supply from the Middle East. Attacks last week by Iran-backed Houthi rebels shut down a crucial crude pipeline in Saudi Arabia that bypasses the Strait of Hormuz, which remains under blockade. Since the start of the US-Iran war, the crack spread has surged from the teens to above $60, reflecting demand for refined products outpacing refiners’ ability to produce them. Refiners had long warned about the impact of depleting crude reserves, and although operating near full capacity, delays to non-essential work have compounded the maintenance backlog ahead of seasonal fall maintenance, posing an ongoing threat to refined-product supplies. While UK authorities fear the pipeline could remain shut for as much as six weeks, US Energy Secretary Wright told reporters that it would reopen "very soon".
2026-09-15
Gasoline Futures Rise
US gasoline futures rose above $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