U.S. Gasoline Tops $4.03 as Failed Iran Deal Lifts Oil More Than $5
Updated
Updated · Yahoo Finance · Aug 14
U.S. Gasoline Tops $4.03 as Failed Iran Deal Lifts Oil More Than $5
3 articles · Updated · Yahoo Finance · Aug 14
Summary
$4.036 a gallon became the U.S. average gasoline price on Aug. 12, with both AAA and GasBuddy showing pump prices back above $4 after a brief dip.
A renewed failure in U.S.-Iran talks to reopen the Strait of Hormuz pushed crude up more than $5 a barrel, extending pressure on retail fuel prices.
Traffic through the chokepoint remains thin despite Trump's claim of "total control"—only 14 ships transited on Aug. 11 and 16 were in the strait a day later, according to trackers.
The IEA says the Gulf war and the Ukraine-Russia conflict are tightening energy markets: 2026 oil supply is projected to fall 4.3 million barrels a day to 102.3 million, while demand drops 1.6 million.
That imbalance suggests U.S. gasoline prices, already near record late-summer levels, may stay elevated until at least September.
With gas topping $4 late in 2026, could escalating Middle East tensions push prices to catastrophic new highs before year's end?
Despite high domestic oil production, why are shrinking refinery inventories and global shipping crises keeping your fuel costs at historic late-year highs?
As global shipping choke points face unprecedented threats, are American drivers permanently stuck footing the bill for overseas conflicts?