TLDR
- U.S. average gasoline price rose to $3.32 per gallon, the highest since September 2024
- Gasoline futures jumped about 27% this week, the biggest weekly gain since March 2022
- The Strait of Hormuz disruption is squeezing crude supply for Asian refiners
- China has ordered its biggest refiners to halt diesel and gasoline exports
- U.S. crude futures rose 24% to $83.27/barrel; Brent climbed over 18% to $86.67/barrel
U.S. gasoline prices are at their highest point in nearly 10 months as fighting in the Middle East rattles global energy markets.
*US RETAIL GASOLINE PRICES CLIMB TO HIGHEST SINCE SEPTEMBER 2024 pic.twitter.com/C285ptQKPv
— Investing.com (@Investingcom) March 6, 2026
The national average hit $3.32 per gallon on Thursday, according to the American Automobile Association. That is the highest level since September 2024.
Gasoline futures surged around 27% this week. That puts them on track for their biggest weekly gain since March 2022.
When asked about rising pump prices, President Donald Trump said he was not worried. “I don’t have any concern about it,” Trump told Reuters. “They’ll drop very rapidly when this is over.”
Trump has previously pointed to low gasoline prices as a sign of U.S. energy strength. The increase comes ahead of the 2026 midterm elections.
Crude oil futures climbed 24% over five days to $83.27 per barrel. Brent crude rose more than 18% to $86.67 per barrel.
Strait of Hormuz at the Center of Supply Fears
The conflict has raised fears over the Strait of Hormuz, a critical route for global crude oil shipments. Any disruption there affects refiners worldwide.
Asian refiners are already struggling to secure crude. Some are considering cutting their processing rates as supply tightens.
China has instructed its largest refiners to stop exporting diesel and gasoline. The move is aimed at protecting domestic supply as the situation develops.
Qatar’s energy minister, Saad al-Kaabi, warned that Gulf exporters could halt shipments entirely if the conflict continues.
The Trump administration has tried to ease pressure by relaxing restrictions on India’s purchases of Russian oil.
U.S. Refiners and Retailers Feel the Pressure
The disruption comes at a tricky time for U.S. refiners. Spring is when they switch from producing winter-grade to summer-grade gasoline, which is more expensive to make. That seasonal shift already pushes prices higher before any outside shocks.
Refiners including Marathon Petroleum, Valero Energy, Phillips 66, and HF Sinclair are affected by the price swings.
Oil majors Exxon Mobil, Chevron, ConocoPhillips, and Occidental Petroleum all have exposure to the broader crude market moves.
Fuel retailers like Murphy USA, Sunoco, Global Partners, and CrossAmerica Partners are also in the mix.
Higher gas prices can also affect big-box retailers that use cheap fuel to draw shoppers. Companies like Walmart, Costco, and BJ’s Wholesale Club fall into that category.
U.S. gasoline stocks fell 1.7 million barrels in the latest EIA weekly report. That was the third week in a row of drawdowns, pointing to continued tightening of domestic supply.
Considering a new stock? You may want to see what’s on our watchlist first.
Our team at Knockout Stocks follows top-performing analysts and market-moving trends to spot potential winners early. We’ve identified five stocks gaining quiet attention that could be worth watching now. Create your free account to unlock the full report and get ongoing stock insights.Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
