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6d ago

U.S. Gas Prices Climb to Highest Since 2024 as Hormuz Disruptions Push Crude Above $100

Corporate fuel surcharges are spreading, with further increases possible if tanker traffic remains constrained.

Regular gas is seen advertised at over five dollars a gallon at San Francisco gas station on March 5. Many drivers say they'll stick with their cars, even if gas hits $10 a gallon.
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Aaron Bohlin, of Columbus, finishes pumping gas in his vehicle at the Par Mar convenient store on North Columbus Road on June 23, 2025, in Lancaster, Ohio. According to the USA Today, Iran's parliament approved a measure June 22 endorsing the closure of the Strait of Hormuz, a major oil transportation route, following U.S. airstrikes in Iran. Around 20% of the world's oil and gas flow through the narrow channel connecting the Persian Gulf to the Gulf of Oman. Its closure would likely mean rising fuel costs for global consumers, including Americans.
Signs show the gas prices at a gas station, on March 10, 2026, in New York.

Overview

  • The national average for regular gasoline hit $3.598 on Wednesday, the highest since May 2024, with prices now above $3 in every state, according to AAA.
  • California’s average reached about $5.35 per gallon and posted the largest weekly jump, with state-specific factors like strict fuel specifications, higher taxes, limited pipelines and the seasonal blend switch magnifying volatility.
  • Crude oil briefly topped $100 per barrel earlier this week as attacks and shipping slowdowns in the Strait of Hormuz, a route for roughly one-fifth of global oil, tightened supply.
  • The Trump administration announced a release of 172 million barrels from the Strategic Petroleum Reserve in an effort to ease surging oil and fuel prices.
  • Businesses including UPS, Maersk, Ecolab, Cathay Pacific and Air India have introduced fuel surcharges, signaling broader pass-through of higher energy costs to consumers.