Overview
- The national average for gasoline, which reached $4.02 on Tuesday according to AAA, has risen by about $1 in a month as the Iran war tightened fuel supplies.
- Brent traded near $115 with WTI above $100, putting crude on track for the largest monthly gain on record since the futures market began.
- An attack damaged a Kuwait oil tanker off Dubai on Tuesday and traffic through the Strait of Hormuz remains largely halted, a waterway that normally carries about one‑fifth of global seaborne oil.
- The U.S. is releasing 172 million barrels from the Strategic Petroleum Reserve and has granted temporary Jones Act and E15 waivers as part of a broader 400 million‑barrel allied draw, steps that provide only limited near‑term relief.
- Diesel averaged about $5.45 per gallon and the price shock has whipsawed markets, with energy shares rising and analysts warning Brent could reach $180 to $200 if the disruption continues.