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U.S. Gas Prices Jump as Strait of Hormuz Disruptions Tighten Oil Supply

Continued bottlenecks at the Strait of Hormuz could prolong the spike.

Overview

  • National pump prices have climbed into the mid-to-high $3.70s, reaching $3.85 late Tuesday, according to GasBuddy data.
  • Texas drivers are paying an average $3.55 per gallon, up about $1.09 from a month ago, with Austin and San Antonio both near $3.64.
  • Crude benchmarks strengthened Tuesday, with West Texas Intermediate closing at $96.21 per barrel and Brent at $103.42.
  • Chicago’s average hit about $4.08 per gallon, and locals report changing fueling and driving habits to manage higher costs, AAA data show.
  • Savannah’s average rose to $3.77 and Hilton HeadBluffton to $3.62 over the past week, while fertilizer prices are up roughly 30% as analysts warn oil could reach $150 if disruptions persist.