ECONOMY
United States gas prices surge on Hormuz disruption
PUBLISHED May 24, 2026, 6:57 AM ET
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The average U.S. price of regular gasoline reached $4.55 per gallon on Friday, May 22, 2026, the highest level for the Friday before Memorial Day since 2022. Prices have risen more than 50 percent since February 28, 2026, when U.S. and Israeli forces began military operations against Iran. The conflict has led to a near-total halt of commercial oil shipping through the Strait of Hormuz, which normally carries about 20 percent of global oil supplies. The International Energy Agency calls this the largest oil supply disruption on record. Analysts warn gasoline could reach $5 per gallon in June if Hormuz remains closed.
By Yusra M. | JQJO News
Timeline of Events
- 2022 Russia invades Ukraine, gasoline surges
- Late February 2026 U.S. and Israel strike Iran
- Since late February 2026 Strait tanker traffic plunges
- Since late February 2026 crude oil prices spike
- Thursday May 21 2026 single-day gasoline average peaks
- Friday May 22 2026 national average hits $4.55
- May 22 2026 GasBuddy analyst warns $5 possible
- June 2026 forecast period for potential $5
News Intelligence
- Your wallet is feeling the heat. Gas prices have jumped over 50% since February. That's a big hit if you're driving to work or planning a road trip. Check out local public transportation or carpooling options to save some cash.
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