The national average price of gasoline in the United States has jumped to the highest level seen during either of President Donald Trump’s terms in office, per GasBuddy data, as the de facto closure of the Strait of Hormuz is holding back millions of barrels of crude and fuel supplies and leading to price spikes.
WTI Crude, the U.S. benchmark, jumped from $67 per barrel on February 27, just before the Iran war started, to above $84 per barrel a week later as of early Friday. Oil prices are on track for at least a 16% weekly jump in the biggest one-week rally since the Russian invasion of Ukraine in 2022.
With crude prices being the main component of gasoline price formation, U.S. prices at the pump have jumped this week, too. The price spike from the Iran war is being compounded by the more expensive summer-grade gasoline that refineries are now producing for the summer driving season.
Late on Thursday, the national average had surged to $3.262 per gallon— the highest level recorded during either of Trump’s terms in office, according to live GasBuddy data, said Patrick de Haan, head of petroleum analysis at GasBuddy.
The number of U.S. states with average gas prices over $3 per gallon has jumped from about eight on Sunday to 33 as of late Thursday, with the list likely to grow to 40 in the next few days, de Haan noted.
The price of diesel, which globally faces more acute physical disruption and pressure from the Middle East war, has surged more than gasoline.
The U.S. national average price of diesel soared to $4.124 per gallon, the highest level since December 2023, according to GasBuddy data.
“The diesel market is simply tighter, and with drone attacks on a Saudi refinery, Qatar shutting down natural gas production, boosting heating oil use, and lower U.S. inventories amidst cold weather, diesel has out-rallied gasoline,” GasBuddy’s de Haan said.
By Michael Kern for Oilprice.com
More Top Reads From Oilprice.com
