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U.S. Gas, Diesel Prices Climb as Iran War Strains Energy Markets

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2026-07-22 19:03:52
According to CNBC, U.S. consumers are facing higher fuel costs as the Iran war intensifies strain on energy markets, with the national average gasoline price at $4.06 a gallon on Wednesday, up 4.4% from $3.89 a week earlier, according to AAA. The U.S. Energy Information Administration said diesel jumped nearly 34 cents last week to $5.13 a gallon, its biggest weekly rise since the first week of the war in March.

The article said U.S. refineries are running at 96.1% of capacity, gasoline inventories have not been replenished after early-war drawdowns, and stockpiles at Cushing, Oklahoma, have been at tank-bottom since early June. The Strategic Petroleum Reserve has fallen to 311 million barrels, its lowest level since March 1983. Taylor Rogers, a White House spokeswoman, said oil and gas prices will fall back to pre-conflict levels as the U.S. military weakens Iran's ability to attack commercial vessels and disrupt energy flows through the Strait of Hormuz.
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