<\/p>\n
We’re sorry, America, but the Strait of Hormuz is still closed. If you were filling up your car’s tank come Monday morning, you felt the sting of higher gasoline prices.<\/p>\n
And probably will still feel the pain for months ahead.<\/p>\n
The reason for the price increase was a May 15 jump in oil prices. When May 18 arrived, gas prices went up nationally. The biggest gains were seen in Colorado, New Mexico, Tennessee Utah, Idaho and Nebraska, according to GasBuddy.com. <\/p>\n
GasBuddy’s national average was at $4.506 a gallon at 6:30 p.m. on May 18, up 2.7% on the day and up 59% so far in 2026. By GasBuddy’s measure, retail gasoline is up nearly 60% in 2026. <\/p>\n
If you’re planning to hit the road for the Memorial Day weekend, which starts May 22, don’t expect much relief, GasBuddy’s data suggests.<\/p>\n
Related: Gas up 50% YTD? What to expect at the pump this summer<\/p>\n
Gas prices move up on Mondays<\/p>\n
Pump prices had been trending modestly lower into the weekend because retailers had already procured their supplies and could drop prices at least a little for the weekend business, Patrick DeHaan, GasBuddy’s head of Petroleum Analysis, said in an interview. <\/p>\n
But come Monday morning , wholesalers started to move their prices up to match rising oil prices, DeHaan said. And stations had to boost their prices. <\/p>\n
The situation is “uncomfortable,” DeHaan said. <\/p>\n
A container ship anchored in the Persian Gulf near Iran on May 16. Majid Saeedi \/ Getty Images<\/p>\n
Majid Saeedi / Getty Images<\/p>\n
Why oil price increases are so stubborn<\/p>\n
Why did oil prices rise? Because oil traders globally fear that Iran will keep the Strait of Hormuz indefinitely, and that’s draining oil stocks for countries around the world, The Wall Street Journal reported on May 18. <\/p>\n
Before Israel and United States forces attacked Iran on Feb. 28, about 20% of the world’s oil flowed through the strait every day, the U.S Energy Information Administration says. <\/p>\n
Oil traders worry “the war in Iran is turning into yet another forever war,” wrote Mizuho analyst Robert Yaw in a note to investors. As many as 14 million barrels a day of Middle East oil production were shut in.<\/p>\n
But oil prices fell late Monday after President Trump said\u00a0he had called off new attacks on Iran\u00a0at the request of U.S. allies Saudi Arabia, Qatar, and the United Arab Emirates. The trio told the White House there were new efforts to negotiate a long-term ceasefire, according to The Guardian newspaper.<\/p>\n
By 6:22 p.m. ET, Brent Crude had fallen $2.41 to $109.69, according to Barchart.com data. Brent is the global benchmark for crude oil. <\/p>\n
Light sweet crude, the U.S. benchmark, was off $2.02 per 42-gallon barrel from its May 18 close to to $102.33, Barchart said. <\/p>\n
The oil price jump was good for energy stocks. Shell, Exxon, Chevron and BP were all higher. So was the State Street Energy Select Sector SPDR exchange-traded fund. The Standard & Poor’s 500 and Nasdaq Composite Indexes were lower.<\/p>\n
More Oil and Gas:<\/p>\n
This Market Can\u2019t Keep Pricing in Good News as China, Iran Updates DisappointChevron, Shell ink more surprising Venezuela dealsAAA gas prices reveal a new trend for AmericansSo far, this war is cheap<\/p>\n
So far, the war has cost American consumers\u00a0cumulatively\u00a0about $45 billion more\u00a0on the fuels than they did in the same period in 2025, according to a Wall Street Journal analysis of data from the Oil Price Information Service and federal demand figures. (Dow Jones, The Wall Street Journal’s owner, also owns OPIS.)<\/p>\n
The surging costs are eating an outsize share of low- and middle-income consumers\u2019 paychecks, darkening their outlook relative to the well-off, the report said. <\/p>\n
Just because of incomes, the affluent can better absorb higher oil and gasoline costs, the report said.<\/p>\n
They get an extra bump if they own energy stocks. The S&P 500 Energy Sector is up 34.4% in 2026, according to Barchart data, tops among the 11 S&P 500 sectors. The technology sector is up “only” 15.9% this year. <\/p>\n
Related: Veteran analyst stuns Wall Street with Fed interest rate forecast<\/p>\n
#GasBuddy #signals #gasprice #reset #shift #Iran #War<\/p>\n","protected":false},"excerpt":{"rendered":"
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