National gasoline prices increased again Thursday and Friday as renewed U.S.-Iran fighting raised concerns about crude oil volatility and shipping through the Strait of Hormuz.
By yourNEWS Media Newsroom
U.S. gasoline prices have started climbing again after weeks of declines, with AAA data showing the national average for a gallon of regular gas rose on consecutive days as tensions escalated between the United States and Iran.
The average price for regular gasoline increased from $3.79 on Wednesday to $3.84 on Thursday, then rose again to $3.88 on Friday, according to figures from the American Automobile Association.
The increases followed a steady drop in pump prices that had been underway since late May. One week earlier, regular gasoline averaged $3.82 per gallon nationwide. A month earlier, the average was $4.15.
AAA said crude oil prices remain in the $70-per-barrel range but warned that continued instability near the Strait of Hormuz could push prices higher.
“Crude oil prices are currently in the $70 per barrel range but could rise if volatility lingers along the Strait of Hormuz,” AAA said in a Thursday analysis. “Prices are still lower than they were in the spring when the national average peaked at $4.56 on May 21.”
Diesel prices also rose Friday. The national average for a gallon of diesel increased about 4 cents, from $4.81 to $4.85. That remains below the $5.30 average recorded one month earlier.
Hawaii and California had the highest gasoline prices Friday, with both states averaging well above $5 per gallon. Washington, Alaska, Nevada, Oregon, Idaho and New Mexico all had average prices of $4 or more, according to AAA.
Oil prices remained around $75 per barrel for Brent crude early Friday afternoon, far below the $120-per-barrel level recorded in May during the peak of the recent price surge.
The price increase came during renewed hostilities between the United States and Iran. Three commercial tankers came under fire this week in the Strait of Hormuz, prompting U.S. forces to strike Iranian military sites. Tehran responded Thursday with attacks on American military bases in nearby Gulf countries. No attacks from either side were reported Friday.
President Donald Trump said Friday that a months-long ceasefire between the United States and Iran had ended, though he also said talks could continue.
“The Islamic Republic of Iran has asked us to continue ’talks.’ We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!” Trump wrote in a Truth Social post Friday morning.
The United States and Iran reached an interim agreement last month under a memorandum of understanding after four months of conflict. The deal created a 60-day window for technical discussions on Iran handing over or diluting its enriched uranium, ending its nuclear program and reopening the Strait of Hormuz.
Iranian officials have said through state-run media that ships should use only routes through the strait approved by Iran.
The Strait of Hormuz is one of the world’s most important energy routes. On a typical day, about one-fifth of the world’s traded crude oil and natural gas moves through the waterway.
Daily tanker traffic through the strait appeared to slow after the attacks, raising concerns about the recovery of global oil supplies and shipping. The disruption also underscored the fragility of the interim truce.
U.S. Central Command said U.S. actions against Iran this week were intended to keep the strait open and said Iran does not control the waterway. Tehran, through state-run media, warned that the strait would reopen only on its terms and that any U.S. intervention would draw a response.
The renewed fighting also came as Iran buried its slain top leader, Ayatollah Ali Khamenei, Thursday at a shrine in Mashhad, Iran, following a week of funeral processions and rallies.
His son, Mojtaba Khamenei, was named as his replacement in March, but he has not been seen publicly since the war began in late February.
For U.S. drivers, the latest AAA data marks a reversal after weeks of relief at the pump. Whether the increases continue will depend in part on crude oil markets, shipping through the Strait of Hormuz and whether the renewed U.S.-Iran fighting disrupts energy supplies further.
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