The national average gasoline price is projected to hit $4.03 per gallon for Labor Day weekend, a record for the occasion, with GasBuddy and AAA data showing averages between $4.13 and $4.15. Seven months of US-Iran military conflict have disrupted oil shipments through the Strait of Hormuz, through which roughly one-fifth of the world’s petroleum passes daily, keeping Brent crude stubbornly above $90 per barrel with recent highs at $96. Diesel has reached an all-time high of $5.85 per gallon. Since the conflict began in late February 2026, higher fuel costs have added an estimated $740 to $746 in extra expenses per household. US refinery capacity is running near 98%, leaving little room to ramp up production, while inventories sit below the five-year average and elevated fuel exports further tighten the domestic market.
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