US gas prices hit record August highs of $4.06 per gallon as Iran peace talks stall, a diplomatic deadline passes, and Donald Trump threatens Oman. Households have paid an estimated $56.4bn in excess fuel costs over the last six months of conflict.
Tech giants including Amazon, Google, Meta, and Microsoft are investing heavily in natural gas to power AI data centers, but a new report warns that rising demand and exports could cause gas prices to triple.
President Donald Trump announced Friday he will soon declare the Strait of Hormuz a US territory during a rally in New York. Iranian officials dismissed the remarks, while the ongoing conflict continues to disrupt global energy shipments.
Sen. Martin Heinrich is introducing a bill to end tax breaks for U.S. oil and gas companies operating overseas as the industry reports massive profits and high gasoline prices driven by conflict with Iran.
The White House is poised to extend a crucial Jones Act waiver to lower rising U.S. gasoline prices ahead of the November midterm elections, despite pushback from maritime groups and Republican lawmakers.
BP reports quarterly profits more than doubling to $5.73bn, driven by rising oil and gas prices from the Middle East crisis, as new CEO Meg O'Neill plans a major company overhaul.
California's highest U.S. fuel prices, exacerbated by the Iran war and global diesel shortages, are increasing costs for everyday products nationwide. The San Pedro Bay port complex, a major import/export hub, relies on transport powered by expensive California diesel, impacting the entire U.S. supply chain.
Donald Trump announced the White House ordered 250 Cadillac Escalades, costing at least $22 million, during a Michigan speech. This decision is criticized amidst rising gas prices, mortgage rates, and an "affordability crisis" linked to the Iran war, with critics highlighting the symbolic disconnect.
Costco experienced record demand for its gasoline in the quarter ending May 10, as Americans seek cheaper fuel amidst rising prices. The retailer's low gas prices, averaging 9-24 cents below competitors, are a strategic move to encourage more frequent warehouse visits, increased in-store spending, and higher membership renewals.
Experts warn that U.S. gas prices will continue to climb for weeks, possibly months, due to the resumption of President Donald Trump’s conflict with Iran. Analysts predict national average gas prices could reach $4.20-$4.30, citing market psychology and disruptions in the Strait of Hormuz and Red Sea.
Germany now pays five times more for imported gas after abandoning Russian contracts due to EU sanctions, relying on a volatile international market. This shift, coupled with nuclear phaseout, has severely impacted its industrial sector and economy, with Chancellor Merz acknowledging the lack of Russian gas as the cause.
Crude oil prices surpassed $100 a barrel, driven by new threats to Red Sea shipping from Yemen's Houthis, escalating the Middle East conflict. This surge is expected to lead to higher gas and diesel prices, impacting airline stocks and mortgage rates.
US hybrid car sales are surging, projected to rise 9% this year, driven by high gas prices from the Iran war, range anxiety, and increased availability. This contrasts with slower EV adoption in the US, while Europe sees a 33% jump in BEV sales. Toyota leads the hybrid market.
Norway's state oil company Equinor reported nearly doubled profits of $11.5bn in Q2, exceeding predictions, driven by increased oil and gas production and soaring prices due to the war against Iran and a blockade in the Strait of Hormuz.
European natural gas prices hit a four-month high, exceeding €60/MWh, fueled by renewed violence near the Strait of Hormuz, US strikes against Iran, and Houthi threats to the Bab al-Mandab Strait, raising concerns over energy supply and market stability.
The US-Iran conflict is escalating, with attacks on military targets and critical infrastructure, and three US service members killed. Iran has reasserted control over the Strait of Hormuz, leading to rising US gas prices. An expert discusses the unraveling agreement, regional impact, and potential for renewed diplomacy.
European natural gas prices reached a four-month high, briefly exceeding €60/MWh, due to escalating Middle East conflict and fears of winter supply shortages. Disruption to Qatari LNG exports and reduced Gulf shipping are pressuring Europe's ability to meet storage targets, potentially requiring costly state intervention.
US inflation slowed to 3.5% in June from 4.2% in May, driven by a sharp drop in energy prices, but rising Iran tensions threaten a temporary reprieve, potentially pushing gas prices back to $4.00.
Gas prices in the U.S. have been highly unpredictable, fluctuating significantly due to global conflicts impacting oil prices and shipping routes. This volatility affects consumer behavior, leading to more frequent but smaller fuel purchases, and experts predict these price swings will continue.
Russian Deputy Prime Minister Alexander Novak stated that major vertically integrated oil companies are maintaining gas station prices at or below the inflation rate. These companies, including Rosneft and Lukoil, operate over 9,000 of Russia's 29,000 gas stations, prioritizing direct supply to consumers and independent operators. Investigations are ongoing into higher fuel costs in Crimea due to complex logistics.
Gas prices in the U.S. have fluctuated significantly this year, with averages ranging from $2.79 to $4.56 per gallon. This volatility, driven by global conflicts and shipping disruptions, impacts consumer behavior, leading to more frequent but smaller fuel purchases. Experts predict these price swings will continue, advising drivers to budget for higher costs and seek savings through apps or fuel-efficient habits.
US gas prices surged by five cents to nearly $3.85 per gallon following renewed US attacks on Iran and President Trump's declaration that the ceasefire is "over." This marks the largest single-day increase since May, reversing a month-long trend of decreasing prices.
Traders on prediction market platform Kalshi anticipate elevated gas prices for an extended period due to renewed US-Iran strikes and uncertainty in the Strait of Hormuz. Odds for prices above $3.50 on election day have risen significantly.
Gas prices may increase as President Trump signals the end of a U.S.-Iran ceasefire, potentially pushing the national average towards $4 a gallon. Financial planners advise drivers to review budgets and cut discretionary spending.
