U.S. gas prices top $4.50 a gallon, highest since 2022
Key takeaways
- U.S. gas prices top $4.50 a gallon, highest since 2022 Quartz · Anadolu / Getty Images Cris Tolomia Wed, May 6, 2026 at 6:52 PM GMT+7 3 min read CL=F U.S.
- According to Reuters, the strait has been effectively closed since fighting broke out on Feb. 28 — a chokepoint that previously handled roughly one-fifth of the world's daily oil shipments.
- WTI crude rose to $105.33 per barrel, up almost $10 from the prior week's $95.94, while Brent climbed to $112.03 from $106.98.
U.S. gas prices top $4.50 a gallon, highest since 2022 Quartz · Anadolu / Getty Images Cris Tolomia Wed, May 6, 2026 at 6:52 PM GMT+7 3 min read CL=F U.S. gasoline prices crossed $4.50 a gallon on Tuesday for the first time since July 2022, with the national average reaching $4.52 as disruptions to oil flows through the Strait of Hormuz push crude prices higher.
According to Reuters, the strait has been effectively closed since fighting broke out on Feb. 28 — a chokepoint that previously handled roughly one-fifth of the world's daily oil shipments. The cost of a gallon of regular gasoline has climbed $1.54 since the war began, according to GasBuddy.
WTI crude rose to $105.33 per barrel, up almost $10 from the prior week's $95.94, while Brent climbed to $112.03 from $106.98. "For now, flows through the Strait remain restricted, further increasing the number of disrupted production volumes. Attacks on ships have also resumed, keeping upside pressure on prices," Giovanni Staunovo, UBS commodities strategist, said in an email cited by GasBuddy.