U.S. gasoline pump prices have climbed to their highest level since September 2024 as escalating conflict in the Middle East threatens energy supplies from the region.
The national average price for gasoline rose to $3.32 per gallon on Thursday, Bloomberg reported, citing the American Automobile Association. Gasoline futures (XB1:COM) have surged about 27% this week, putting them on track for their largest weekly gain since March 2022.
In an interview with Reuters, U.S. President Donald Trump said he was not concerned about rising fuel prices driven by the widening conflict with Iran, saying the U.S. military operation remained his priority. “I don’t have any concern about it,” Trump said when asked about higher prices at the pump. “They’ll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit.”
Higher fuel costs could pose a political challenge for Trump, who has frequently highlighted lower gasoline prices as evidence of U.S. energy dominance, as the increase comes ahead of the 2026 United States midterm elections later this year.
Supply concerns have intensified as Asian refiners face disruptions to crude shipments that typically pass through the Strait of Hormuz, a key global energy transit route. Some refiners are considering reducing processing rates, while China has reportedly instructed its largest refiners to suspend diesel and gasoline exports.
The Middle East disruption also coincides with the seasonal transition by U.S. refiners from producing winter-grade gasoline to more expensive summer-grade fuel, a shift that typically pushes pump prices higher in the spring.
Crude oil futures (CL1:COM) have advanced +24% to $83.27/barrel in the past five days. Brent prices (CO1:COM) also jumped over 18.8% to $86.67/barrel. Oil majors Exxon Mobil (XOM), Chevron (CVX), ConocoPhillips (COP), and Occidental Petroleum (OXY).
U.S. pure-play fuel retailers and distributors include Murphy USA (MUSA), Sunoco LP (SUN), Global Partners LP (GLP), and CrossAmerica Partners LP (CAPL). U.S. refiners such as Marathon Petroleum (MPC), Valero Energy (VLO), Phillips 66 (PSX), and HF Sinclair (DINO) can also be affected by rising gasoline prices.
Rising U.S. gasoline prices could affect retailers that sell gasoline to drive store traffic, including BJ’s Wholesale Club (BJ), Costco Wholesale (COST), and Walmart (WMT).