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3h ago

Gas Prices Climb to $4.46 as Hormuz Shutdown Sends Oil Higher

A war-driven supply shock from the closed Strait of Hormuz is pushing energy costs higher.

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In this picture obtained from Iran's ISNA news agency on May 4, 2026, the Iran-flagged tugboat Basim sails near a ship anchored in the Strait of Hormuz off Bandar Abbas in southern Iran. © Photo by Amirhossein KHORGOOEI / ISNA / AFP via Getty Images
In an aerial view, gas prices rise to around $8.00 per gallon on April 29, 2026 in Ludlow, Calif. Gas prices across the nation have skyrocketed to their highest level since start of Iran war. Negotiations between the United Sates and Iran appear to have lost momentum, dashing hopes for a quick end to the war and pushing oil prices higher.
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Overview

  • The U.S. average, which AAA put at $4.46 Monday, now includes six states above $5, with California over $6.
  • Oil rose again Monday, with U.S. crude topping $105 and Brent above $114, as blocked Gulf shipments tightened supplies.
  • President Trump announced 'Project Freedom' on Sunday to guide ships through Hormuz, but shippers and insurers say they need escorts and report no clear details.
  • South Africa set steep increases for Wednesday, lifting petrol by R3.27 a liter and diesel by R6.19, with temporary fuel-levy relief running only to June 2.
  • Rising costs are straining wallets and businesses, shrinking gas station margins and helping push Spirit Airlines to shut down.