Back to today’s briefing

Story perspectives

Gas Prices Hit $4.18 After Iran Strikes, Stay High

4/29/2026

31 6 Full Breakdown

Summary

Story summary

Gasoline prices surged after U.S. and Israeli strikes on Iran and Iran’s repeated closures of the Strait of Hormuz.
President Donald Trump’s administration reported gasoline at $4.18 per gallon, Brent crude at $111 per barrel, and station prices above $4.20 in Pittsburgh, Ohio and the Philadelphia region.
Economists estimate Americans have spent $150 more on fuel this year and predict gasoline will stay above $4 per gallon through the summer.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, cut output and lifted the posted price of Saudi Light from $3.01 to $5.12 a barrel, triggering the first oil shock and a 300 % price surge that sent U.S. gasoline above 55 cents per gallon. Today, U.S. and Israeli strikes on Iran have again pushed gasoline past $4 per gallon, echoing the 1973 supply disruption.

1 of 2

Story summary

Gasoline prices surged after U.S. and Israeli strikes on Iran and Iran’s repeated closures of the Strait of Hormuz.
President Donald Trump’s administration reported gasoline at $4.18 per gallon, Brent crude at $111 per barrel, and station prices above $4.20 in Pittsburgh, Ohio and the Philadelphia region.
Economists estimate Americans have spent $150 more on fuel this year and predict gasoline will stay above $4 per gallon through the summer.

1 / 2