Overview
- Nationwide pump prices topped $4.50 on Tuesday, the highest since 2022, with California above $6 on average and some Bay Area stations posting prices near $8.
- The surge stems from the Iran war constraining the Strait of Hormuz, a route that carries roughly a fifth of the world’s oil, with U.S. efforts to reopen the waterway and fresh clashes on Monday adding supply risk.
- Great Lakes drivers saw especially sharp spikes after refinery outages, and GasBuddy now expects 20 to 40 cent declines over the next two weeks if those plants stay online.
- Higher fuel costs are squeezing households and businesses, as filling a Ford F‑150 now exceeds $100 and many drivers report cutting trips and other spending.
- President Trump said Monday he expects prices to drop quickly when the war ends, while market watchers warn any relief depends on restoring tanker traffic and rebuilding fuel stocks.