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11h ago

U.S. Gasoline Average Returns to $4 as U.S.-Iran Fighting Disrupts Strait of Hormuz

A renewed naval blockade has tightened oil flows through the strait and lifted crude benchmarks, putting upward pressure on pump prices before the midterms.

A customer refuels his van at a Freedom Fuel Network gas station in Boothwyn, Pennsylvania on July 17, 2026. © Photo by Matthew Hatcher / AFP via Getty Images
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A driver reaches for the pump at a gas station in Carolina Beach, North Carolina, US, on Wednesday, July, 1, 2026.

Overview

  • The national average price for a gallon of regular gasoline rose to about $4.003 on Monday, July 20, according to AAA data.
  • Renewed U.S.-Iran hostilities and a de facto blockade of the Strait of Hormuz sent Brent toward $90–91 a barrel and U.S. crude near $84 a barrel, prompting the recent pump-price rise.
  • U.S. gasoline inventories stood around 210.5 million barrels last week, roughly 1.5 million barrels below the five-year seasonal average, reducing the market’s buffer against shocks.
  • Reduced global refining capacity after intensified Ukrainian strikes on Russian facilities and strong summer driving demand have tightened supplies and pushed diesel above $5 a gallon in many trackers.
  • The return to $4 gas is sharpening political pressure on President Donald Trump and congressional Republicans ahead of November, and analysts say futures point to further near-term increases.