Overview
- OPIS data show the national average price for regular gasoline crossed $3 per gallon on March 2, the first time since November.
- Reuters reports Tehran’s retaliation after U.S. and Israeli strikes hit production facilities and ships, constraining traffic through the Strait of Hormuz.
- Oil benchmarks jumped, with Brent rising more than 5% to nearly $77 a barrel and diesel futures spiking 17% at the open, signaling broader fuel cost pressure.
- Regional variation persists: the Gulf Coast averaged $2.53 per gallon, and many Alabama stations posted prices in the low-to-mid $2.50s, though both are trending higher.
- Analysts including Tom Kloza see prices reaching as high as $3.25 this week and prediction-market traders favor $3.20 or higher, while a Reuters/Ipsos poll highlights political risks for President Trump if prices keep rising.