Story perspectives

US Gas Hits $3.98 — Iran Tensions, Russian Refinery Strikes

7/18/2026

Summary

Story summary

U.S. gasoline prices hit $3.98 per gallon on July 16, near $4.
Prices rose 20 cents in ten days after dropping below $4 in June, AAA reports.
Renewed U.S.–Iran tensions and Ukrainian drone attacks on Russian refineries tightened fuel supplies, pushing refineries toward jet fuel and diesel and lowering gasoline inventories.
Analysts Thomas Weinandy and Patrick De Haan warned surge could pressure consumers and spark inflation concerns before the 2026 midterms.

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Story summary

U.S. gasoline prices hit $3.98 per gallon on July 16, near $4.
Prices rose 20 cents in ten days after dropping below $4 in June, AAA reports.
Renewed U.S.–Iran tensions and Ukrainian drone attacks on Russian refineries tightened fuel supplies, pushing refineries toward jet fuel and diesel and lowering gasoline inventories.
Analysts Thomas Weinandy and Patrick De Haan warned surge could pressure consumers and spark inflation concerns before the 2026 midterms.