ECONOMY
United States fuel prices surge amid Hormuz closure
PUBLISHED May 14, 2026, 12:39 PM ET
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Gasoline prices in the United States have risen by $1.16 per gallon since the 2026 Iran war began, as the effective closure of the Strait of Hormuz restricts global oil and liquefied natural gas flows. Brent crude climbed a further 10% to 13% this week to around $80–$82 per barrel, after reports that negotiations between Washington and Tehran remain fragile despite a ceasefire announced on April 8, 2026. Shipping data show vessel traffic through the key chokepoint remains far below pre-war levels. Economists warn that a continued closure into mid-May could add 0.8% to global inflation and risk U.S. stagflation.
By Shahbaz A. | JQJO News
Timeline of Events
- Early March 2026 Conflict escalation lifts fuel prices
- April 8 2026 Ceasefire announced between Iran adversaries
- April 2026 Hormuz shipping traffic remains historically low
- This week Brent crude climbs above eighty dollars
- This week Analysts forecast five dollar gasoline nationwide
- Mid-May 2026 deadline flagged for reopening risk
- Mid-2026 Economists warn of possible U.S. stagflation
News Intelligence
- Your wallet is feeling the pinch. Gas prices have jumped $1.16 per gallon since the Iran conflict began. If the Strait of Hormuz stays closed, expect even higher prices at the pump. Economists warn of possible stagflation - a combo of inflation and stagnant growth.
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