US Gas Prices Surge as Trump Re-imposes Iran Blockade

National average gasoline prices in the United States have risen to $3.87 per gallon, ending an eight-week decline. The price hike affected nearly 80% of states and follows the July 14 announcement by Donald Trump that the U.S. would re-impose a blockade on Iran, specifically targeting the Strait of Hormuz. This action caused crude oil prices to rally approximately 12% over three days, with Brent crude futures exceeding $83 per barrel.

Fuel markets are further strained by Ukrainian drone strikes that reportedly eliminated up to 40% of Russian refining capacity. In Florida, regular unleaded fuel prices jumped 12 cents overnight to $3.89 per gallon, while other regional spikes reached 20 cents.

Patrick De Haan of GasBuddy projects that national average gasoline prices will reach $4 per gallon within 7 to 10 days, while diesel is expected to hit $5 per gallon by the end of the week. Analysts from AAA and GasBuddy warn that prices could climb another 15 to 40 cents per gallon over the next few weeks as volatility persists due to the collapsed ceasefire between the U.S. and Iran.