Overview
- Gasoline averaged about $4.02 per gallon Tuesday, the highest since 2022, with diesel near $5.45, in what GasBuddy and AAA reported as a record monthly jump.
- Attacks and effective restrictions around the Strait of Hormuz have slashed tanker traffic through a route that normally carries about one‑fifth of seaborne oil, a shock the IEA calls the largest supply disruption on record.
- Crude benchmarks stayed above $100 per barrel after weeks of war‑driven gains, including a fresh spike after Kuwait reported a tanker attack near Dubai.
- The administration moved to ease shortages through a 172 million‑barrel Strategic Petroleum Reserve release, a 60‑day Jones Act waiver, and a temporary E15 gasoline waiver starting May 1, though analysts say prices will not ease meaningfully unless flows through Hormuz resume.
- Prices vary widely by state as California averages about $5.88 per gallon, and the squeeze is already hitting budgets and freight costs, with analysts warning of stronger inflation and the risk of further pump increases if the conflict drags on.