Oil prices could spike next week without Iran deal: GasBuddy
Key takeaways
- Trump says Iran talks in final stages, pushing oil, gasoline, diesel and jet fuel prices to plummet, he wrote in a separate X post.
- The average, at $4.56, is 3 cents over last week and $1.38 higher than Memorial Day weekend last year.
- The conflict in Iran has wreaked havoc on global energy markets, causing inflation and energy prices to spike in the U.S.
Why this matters: political developments that affect policy direction and public trust.
The national average for regular gasoline is $4.53 according to the American Automobile Association (AAA.) Gas Buddy s head of petroleum analysis Patrick De Haan on Wednesday said there could be a jump in gas prices next week if the U.S. and Iran do not reach a deal to reopen the Strait of Hormuz.
De Haan wrote on the social platform X that as stations sell through their fuel, oil prices could lower during Memorial Day weekend, barring a sudden shift in the Iran situation and providing some relief that could be somewhat quick.
Trump says Iran talks in final stages, pushing oil, gasoline, diesel and jet fuel prices to plummet, he wrote in a separate X post. But if this is another hope that doesn t translate into a reopening of the strait, prices will likely surge again next week.