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2d ago

Oil Shock Pushes U.S. Gas to Four-Year High as South Africa Sets Sharp Fuel Hikes

Strait of Hormuz disruptions tied to the U.S.–Iran war keep crude elevated.

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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

  • U.S. drivers paid an average $4.46 for regular gas on Monday, the highest in about four years, with six states over $5 and California near $6.11, according to AAA and GasBuddy.
  • South Africa’s energy department on Monday confirmed steep increases from Wednesday, with petrol up R3.27 per liter and diesel up R6.19, citing tighter global supply.
  • Oil prices rose Monday to about $105 for U.S. crude and $114 for Brent after President Trump announced “Project Freedom” to guide ships through the Strait of Hormuz, a plan insurers and shipping groups say lacks the escorts needed to restore traffic.
  • South Africa’s May adjustment reflects a large slate levy recovery and temporary fuel levy relief that runs through early June, factors that magnify the jump consumers will see at the pump.
  • The Strait of Hormuz normally carries about a fifth of seaborne oil, so its disruption has drained inventories and lifted prices for gasoline, diesel, jet fuel, and even cooking fuels, raising transport and food costs for households and businesses.