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US Gas Hits $4.18/Gallon as Hormuz Closure Spurs Spike

4/28/2026

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Summary

Story summary

US gas prices hit $4.18 per gallon on April 28, the highest since 2022, as the Iran-U.S. war closed Strait of Hormuz, cutting 20 % of oil and LNG flows and removing 9-14 million barrels per day.
BP posted Q1 profit of $3.2 billion, double last year, on an exceptional oil-trading gain.
Diesel rose to $5.46 a gallon since the conflict began, while analysts expect gasoline to stay above $4 a gallon this summer.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed an oil embargo that cut output by about 5 million barrels per day and drove crude from $3 to $12 a barrel. The 1979 Iranian Revolution sparked a second shock, and today Iran’s seizure of the Strait of Hormuz threatens roughly 20 % of global oil flow, prompting the United States and other nations to reinforce reserves.

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Story summary

US gas prices hit $4.18 per gallon on April 28, the highest since 2022, as the Iran-U.S. war closed Strait of Hormuz, cutting 20 % of oil and LNG flows and removing 9-14 million barrels per day.
BP posted Q1 profit of $3.2 billion, double last year, on an exceptional oil-trading gain.
Diesel rose to $5.46 a gallon since the conflict began, while analysts expect gasoline to stay above $4 a gallon this summer.

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