Oil prices could spike next week without Iran deal: GasBuddy
The average, at $4.56 per gallon, is 3 cents higher than last week and $1.38 higher than Memorial Day weekend last year. The conflict in Iran has wreaked havoc on global energy markets, causing inflation and energy prices to spike in the U.S. De Haan told Reuters that the Strait of Hormuz closure is at the center of “the most volatile summer at the pump in years.” He told the outlet that Americans will pay billions more to travel to their destinations this summer, even if the strait reopens.
- ▪The average, at $4.56 per gallon, is 3 cents higher than last week and $1.38 higher than Memorial Day weekend last year.
- ▪The conflict in Iran has wreaked havoc on global energy markets, causing inflation and energy prices to spike in the U.S.
- ▪De Haan told Reuters that the Strait of Hormuz closure is at the center of “the most volatile summer at the pump in years.” He told the outlet that Americans will pay billions more to travel to their destinations this summer, even if the st
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Business Oil prices could spike next week without Iran deal: GasBuddy Comments: by Ryan Mancini - 05/21/26 4:29 PM ET Comments: Link copied by Ryan Mancini - 05/21/26 4:29 PM ET Comments: Link copied NOW PLAYING GasBuddy’s head of petroleum analysis Patrick De Haan on Wednesday said there could be a jump in gas prices next week if the U.S. and Iran do not reach a deal to reopen the Strait of Hormuz. De Haan wrote on the social platform X that as stations sell through their fuel, oil prices could lower during Memorial Day weekend, “barring a sudden shift in the Iran situation” and providing some relief “that could be somewhat quick.” “Trump says Iran talks in final stages, pushing oil, gasoline, diesel and jet fuel prices to plummet,” he wrote in a separate X post.
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