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US Gas $4.18 /Gallon, Hormuz Premium May Last Until 2026

4/29/2026

36 5 Full Breakdown

Summary

Story summary

US gasoline prices rose to $4.18 per gallon on April 28, highest since early 2022, after the Iran war disrupted markets.
West Texas Intermediate crude rose from $67 on Feb 27 to $105 on Mar 30 as oil flows shifted to the highest-price market.
Experts warn the Strait of Hormuz premium will likely keep gasoline prices high for months and possibly through 2026, with California gasoline at $5.93 per gallon.

History

Historical Context

After the 1973 Yom Kippur War, OAPEC, led by Saudi Arabia, cut output and raised crude from $3 to $12 per barrel, prompting the U.S. to build its Strategic Petroleum Reserve. The 2024 Iran-Israel clash in the Strait of Hormuz again disrupted flows, sending WTI up from $67 to $105 and reviving calls for diversified supply.

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Story summary

US gasoline prices rose to $4.18 per gallon on April 28, highest since early 2022, after the Iran war disrupted markets.
West Texas Intermediate crude rose from $67 on Feb 27 to $105 on Mar 30 as oil flows shifted to the highest-price market.
Experts warn the Strait of Hormuz premium will likely keep gasoline prices high for months and possibly through 2026, with California gasoline at $5.93 per gallon.

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