US gasoline and global oil prices remain elevated despite renewed shipping traffic through the Strait of Hormuz, as escalating conflict and disruptions to energy infrastructure continue to threaten supplies, according to CNN.
Fuel prices declined after the United States and Iran agreed to a peace plan in June. However, renewed military action in late August reversed those gains, pushing prices higher again.
The national average US gasoline price has climbed above $4 per gallon, according to AAA data. Prices had fallen below that level after the June agreement, marking the first time since March 30.
Diesel prices are also hovering near record highs. AAA data shows gasoline prices have reached unprecedented levels for this time of year, adding to pressure on American motorists and businesses.
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🔊 Oil prices are cooling after President Trump said the US does not plan further strikes on Iran before the midterms. Hear more about what's driving volatility in energy markets on today’s Reuters Morning Bid podcast https://t.co/cMDOl07Yyx https://t.co/mRuskghfEk
— Reuters (@Reuters) October 9, 2026
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