Overview
- The national average reached about $4.43 a gallon on Saturday, after Brent crude briefly spiked near $126 a barrel this week before easing to roughly the low $110s.
- The conflict that has stalled traffic through the Strait of Hormuz, which normally carries about one‑fifth of seaborne oil, is the key driver of the price jump, with banks warning crude could top $150 if the closure drags on.
- California’s statewide average climbed to $6.06 and the Bay Area hit $6.24, while polls show roughly 44% of Americans are driving less and many are cutting household spending.
- U.S. crude exports have jumped about 30% to roughly 5.2 million barrels a day since the war began, a shift that is drawing down inventories and tightening domestic supply.
- Transportation Secretary Sean Duffy said prices would fall once the strait reopens, though analysts expect a long tail before costs return to pre‑war levels.