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US Gasoline Hits $3.88 Amid Iran Clash, Supply Tightening

7/11/2026

23 5 Full Breakdown

Summary

U.S. Gasoline Climbs

U.S. gasoline price rose to $3.88 per gallon on Friday from $3.84.
The rise followed renewed U.S.–Iran clashes that ended last month’s ceasefire.
Strait of Hormuz crossings fell to 34 on Thursday, the lowest since June 28, with Iran-linked vessels about one-third of July 9 traffic.
Oil makes up 51% of a gallon’s cost, refining 20%, while Russia’s diesel export ban tightens supply and adds 10-25 cents per gallon through summer-blend rules.

Summary

Gasoline Futures Surge

Gasoline futures jumped 6 % on Wednesday, pushing the average U.S. pump price upward.
Brent crude rose 0.3 % to just under $78 per barrel while U.S. crude futures rose 0.2 % to just below $74.
Gasoline remains nearly $1 per gallon higher than before the U.S.–Iran conflict began.
Freedom Fuel stations in Pennsylvania and New Jersey advertised gasoline at $3.48 per gallon, which the White House said receives no subsidies.

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U.S. Gasoline Climbs

U.S. gasoline price rose to $3.88 per gallon on Friday from $3.84.
The rise followed renewed U.S.–Iran clashes that ended last month’s ceasefire.
Strait of Hormuz crossings fell to 34 on Thursday, the lowest since June 28, with Iran-linked vessels about one-third of July 9 traffic.
Oil makes up 51% of a gallon’s cost, refining 20%, while Russia’s diesel export ban tightens supply and adds 10-25 cents per gallon through summer-blend rules.

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