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Middle East tensions keep oil and gasoline prices sensitive
GasBuddy and AAA pegged U.S. gasoline near $4.10 per gallon as crude prices climbed sharply in July amid concerns about escalating conflict.
Middle East turmoil is leaving oil and gasoline prices exposed as the 2026 summer driving season peaks, with markets facing heightened uncertainty after the Feb. 28 start of the U.S. conflict involving Iran, according to Yahoo Finance.
Yahoo Finance reports that oil prices rose more than 20% in July and more than 40% for the year, driven by expectations of disruption tied to the U.S.-Israeli war on Iran and continuing regional attacks, including drone activity that was believed to be war-related.
On the gasoline side, GasBuddy said the U.S. national gasoline price was $4.093 a gallon on July 31, while AAA’s measure showed $4.106 a gallon, both near flat day over day but sharply higher versus last year.
For crude benchmarks, Yahoo Finance cited Light sweet crude ending July at $84.67 per 42-gallon barrel and Brent at $87.93, and it noted trader John Kilduff’s view that gasoline in August could range from $4.25 to $4.50 per gallon as war tensions persist.
Latest closeWTI crude $86.80 ▲3.8%|Brent $90.12 ▲1.2%|Gasoline (RBOB) $3.171 ▼3.5%