Overview
- AAA’s national average reached $4.56 per gallon Thursday, the highest since July 2022, as the Iran war and a largely closed Strait of Hormuz squeezed supply.
- Oil benchmarks fell this week on peace‑talk headlines, yet retail prices are rising because stations are still selling fuel bought at higher wholesale costs.
- EIA data show record U.S. fuel exports of 8.2 million barrels per day for the week ending May 1 with inventories falling, a mix that tightens domestic supply as the White House resists export limits.
- Price pain varies by state with California near $6.16 and a few Gulf Coast states around $4, while easing refinery issues could trim 20 to 40 cents in parts of the Great Lakes.
- CENTCOM reported intercepting Iranian attacks as Tehran reviews a U.S. proposal, but experts say even a deal would bring slow relief because tankers and supply chains need weeks to rebalance.