Overview
- U.S. Energy Secretary Chris Wright told CNN on Sunday that gas may not fall below $3 until next year, possibly 2027, even as he said prices have likely peaked, with AAA putting the national average near $4.05.
- The Strait of Hormuz, a corridor that carries about one-fifth of seaborne oil, remains disrupted, and U.S. forces seized an Iranian‑flagged ship after an attempted blockade run Sunday, pushing oil and gasoline futures higher.
- U.S. negotiators were set to meet Iranian counterparts in Islamabad on Monday under a fragile cease-fire, yet traders see no clear path to restoring flows quickly.
- A Quinnipiac poll found 65% of voters blame President Trump for the price spike, and Republican strategists warn sustained high fuel costs could damage the party’s midterm chances.
- Economists say even a fast resolution would leave pump prices elevated for months as Gulf output restarts and shipping lanes reset, with higher diesel and input costs already straining drivers, small firms, and homebuilding.