U.S. gasoline prices have risen due to ongoing disruptions in major Middle East shipping routes linked to the Iran conflict. The Strait of Hormuz, a critical chokepoint for global oil supplies, remains at the center of these disruptions. U.S. gasoline prices currently range between $3.84 and $4.00 per gallon, after exceeding $4.50 earlier in 2026. Market participants price the odds of crude oil reaching a new all-time high by September 2026 at 6.2% YES, and at 13.5% YES by year-end.
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