Overview
- Energy Secretary Chris Wright, who said Sunday that average prices may not drop below $3 until next year, pointed to an AAA national average near $4.05.
- The Strait of Hormuz, which carries about one-fifth of seaborne oil, remains constrained and traders now price higher fuel costs into 2027.
- President Donald Trump said U.S. forces disabled and seized an Iranian‑flagged vessel that tried to run a blockade, and oil futures climbed on the fresh tension.
- A brief ceasefire is nearing its end as U.S. and Iranian negotiators return to Islamabad after earlier talks failed to reach a deal.
- Household budgets are feeling the strain, with Illinois averaging about $4.31 and Chicago near $4.46, and many drivers cutting fill‑ups to half tanks.