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US Gas Hits $4.30 as Hormuz Closure Drives Prices

5/1/2026

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Summary

U.S. Gas Prices Surge

U.S. gas prices hit $4.30 per gallon on April 30, a four-year high, with Chicago at $5.05.
Brent crude rose above $125 per barrel as the U.S.-Iran conflict kept the Strait of Hormuz closed.
Moody’s Analytics chief economist Mark Zandi warned prices could stay high until the end of 2026.
GasBuddy analyst Patrick De Haan said the national average may reach $4.50 within a week if the strait remains shut.

Summary

Fuel Prices Surge

Jet fuel near $179 per barrel has prompted U.S. airlines to raise checked-bag fees and add seat-selection charges.
Procter & Gamble warned Brent crude around $100 per barrel could cut profit by $1 billion and force household price hikes.
The UN World Food Programme warned 45 million more people, mainly in Asia and Africa, could fall into hunger, raising total to a record 363 million.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, imposed an oil embargo on the United States and other Israel-supporting countries. The embargo and coordinated production cuts lifted the posted price of crude from $3.01 to $5.12 per barrel, a jump of about 70%, and sent U.S. gasoline up 43% by June 1974.

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U.S. Gas Prices Surge

U.S. gas prices hit $4.30 per gallon on April 30, a four-year high, with Chicago at $5.05.
Brent crude rose above $125 per barrel as the U.S.-Iran conflict kept the Strait of Hormuz closed.
Moody’s Analytics chief economist Mark Zandi warned prices could stay high until the end of 2026.
GasBuddy analyst Patrick De Haan said the national average may reach $4.50 within a week if the strait remains shut.

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