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U.S. Gasoline Prices Surge Above $4 Amid Middle East Tensions

U.S. Gasoline Prices Surge Above $4 Amid Middle East Tensions

U.S. Gasoline Prices Surge Above $4 Amid Middle East Tensions
Reuters Reuters
IMF says oil prices, weak monsoon pose biggest risks to India's FY27 GDP growth

IMF says oil prices, weak monsoon pose biggest risks to India's FY27 GDP growth

By Shubham Batra and Manoj Kumar NEW DELHI, July 21 (Reuters) - India's GDP growth in 2026/27 faces key downside risks from a widening war in the Middle East that is driving up oil prices and a monsoon weakened by the El Nino weather effect, an International Monetary Fund official said.
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Federal Reserve's Rate Hike Concerns Eased by Inflation Cool-Down

Federal Reserve's Rate Hike Concerns Eased by Inflation Cool-Down

Federal Reserve's Rate Hike Concerns Eased by Inflation Cool-Down
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Global Refinery Industry Faces Strain Amid Middle East and Russian Conflicts

Global Refinery Industry Faces Strain Amid Middle East and Russian Conflicts

The global oil refinery industry is under significant stress due to ongoing conflicts in the Middle East and Russia. The closure of the Strait of Hormuz, a critical chokepoint for oil transport, has led to major refineries in Saudi Arabia, Bahrain, Kuwait, and the United Arab Emirates being partially or completely offline. Additionally, Russian refineries have been targeted by Ukrainian drone attacks, causing domestic fuel shortages and a reduction in diesel exports. These disruptions have resulted in a significant drop in global refining production, with inventories of gasoline and diesel reaching multi-year lows. The U.S. has attempted to compensate by increasing exports of crude oil and refined products, but domestic stocks are also under pressure, limiting its ability to supply the global market.
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U.S. Gas Prices Surge Above $4 Amid Iran Conflict and Market Pressures

U.S. Gas Prices Surge Above $4 Amid Iran Conflict and Market Pressures

The national average price for a gallon of regular gasoline in the United States has risen to $4.0030 as of July 20, 2026, according to AAA data. This increase is attributed to higher oil costs and market pressures, exacerbated by renewed hostilities in the Middle East and the effective closure of the Strait of Hormuz. The average price has increased by approximately 13 cents over the past week. The conflict between the U.S. and Iran has led to significant disruptions in oil supply, particularly affecting the West Coast, which relies heavily on Middle Eastern imports. President Trump has urged gas retailers to lower their prices and has announced that the Department of Justice will investigate alleged price gouging by U.S. oil majors, although industry representatives deny these allegations.
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University of Michigan Survey Reveals Surge in U.S. Consumer Sentiment Amid Lower Gas Prices

University of Michigan Survey Reveals Surge in U.S. Consumer Sentiment Amid Lower Gas Prices

University of Michigan Survey Reveals Surge in U.S. Consumer Sentiment Amid Lower Gas Prices
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U.S. Consumer Prices See Largest Drop in Six Years Amid Energy Price Decline

U.S. Consumer Prices See Largest Drop in Six Years Amid Energy Price Decline

U.S. Consumer Prices See Largest Drop in Six Years Amid Energy Price Decline
Reuters Reuters
Canada's annual inflation rate cools below forecast on cheaper fuel

Canada's annual inflation rate cools below forecast on cheaper fuel

By Promit Mukherjee OTTAWA, July 20 (Reuters) - Canada's annual inflation rate cooled more than expected to 2.8% in June, data showed on Monday, as gasoline costs fell sharply after the U.S. and Iran signed their memorandum of understanding to end the war.
Reuters Reuters
US consumer sentiment improves in July; renewed Middle East conflict poses downside risk

US consumer sentiment improves in July; renewed Middle East conflict poses downside risk

WASHINGTON, July 17 (Reuters) - U.S. consumer sentiment increased to a five-month high in July, but the improvement is likely temporary as renewed conflict in the Middle East raises gasoline prices.
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Gasoline Prices in the U.S. Expected to Surpass $4.00 Amidst Global Instability

Gasoline Prices in the U.S. Expected to Surpass $4.00 Amidst Global Instability

Gasoline Prices in the U.S. Expected to Surpass $4.00 Amidst Global Instability
TheStreet TheStreet
Drivers lose control over gas price squeeze

Drivers lose control over gas price squeeze

Gasoline has been on a roller coaster ride. Ask anyone with a truck, and they'll tell you small price changes at the pump have a big impact when the fill-up is over, and the receipt hits your pocket. Since mid-April, gas prices have gone from $4 for regular unleaded gas to a peak of about $4.57 per ...
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Inflation Drives Shift to Store Brands in U.S. Grocery Aisles

Inflation Drives Shift to Store Brands in U.S. Grocery Aisles

Inflation Drives Shift to Store Brands in U.S. Grocery Aisles