Strait shipping falls below two million barrels daily
Strait of Hormuz oil shipping has collapsed below 2 million barrels daily amid persistent geopolitical tensions.
Event / Politics
Saudi Arabia-Houthi Conflict
Escalating military conflict between Saudi Arabia and Houthi forces, including coordinated attacks on airports and energy infrastructure, with regional ceasefire violations and international responses.
7 reported locations
Daily activity
57 articles0 articles
2026-07-31 to 2026-10-28 · UTC publication dates
Coverage begins 11 Apr, 00:07 UTC
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What happened
US diesel prices hit record national average of $5.85 per gallon
Diesel fuel prices reached a national average of $5.85 per gallon on Friday, setting a record high. Higher diesel costs are passed on to consumers through increased transportation and freight delivery expenses at grocery stores and package delivery services.
Ukrainian drone attacks damage Russian refineries, reducing diesel supplies
Ukrainian drone attacks on Russian refineries are reducing diesel supplies available in global markets.
Iran refuses to reopen Strait of Hormuz after military attacks
Iran refused to reopen the Strait of Hormuz following military attacks by the United States and Israel in February 2026, maintaining a blockade of the critical oil shipping route.
Higher fuel costs have cost American households over $741 since February Iran war
Since the start of military conflict with Iran in February 2026, elevated gas and diesel prices have cost Americans more than $741 per household, according to a tracker from Brown University.
US refineries operating at 98% capacity amid extreme Texas heat
United States refineries are operating at 98% capacity, with many facilities in Texas operating under unusually harsh heat conditions. Limited spare capacity raises risks that any disruption or hurricane damage could prevent gasoline prices from declining.
US regular gasoline hits record price for Labor Day weekend at $4.14/gallon
The average price of regular gasoline in the United States reached $4.14 per gallon heading into Labor Day weekend, nearly a dollar higher than the previous year and exceeding the previous Labor Day weekend record of $3.82 set in 2012. This is the first time gas prices have topped $4 per gallon on Labor Day.
US and Israel attack Iran in February, disrupting Middle East oil supplies
The United States and Israel conducted military attacks on Iran in February 2026. Following the attacks, crude oil traffic through the Strait of Hormuz significantly plunged, and Iran refused to reopen the critical waterway, contributing to sustained high energy prices globally.
Energy Secretary Wright projects gasoline prices to drop by November 2026
US Energy Secretary Chris Wright stated that futures prices indicate gasoline purchased today for delivery in November 2026 is approximately $0.35 per gallon cheaper than current prices, suggesting the market forecasts meaningful price declines in coming months.
Chinese refinery output declining, reducing global gasoline supplies
Chinese refineries are experiencing declining outputs, contributing to reduced gasoline supplies in global markets.
West Texas Intermediate crude futures reach $92 per barrel
West Texas Intermediate crude oil futures were trading at approximately $92 per barrel on Monday, September 7, 2026, up from $67 per barrel before U.S.-Israeli military operations against Iran on February 28, 2026.
Domestic gasoline supply decreases to 205.7 million barrels
Total domestic gasoline supply decreased from 206.8 million barrels to 205.7 million barrels in the week prior to September 7, 2026, while gasoline production remained stable at 9.8 million barrels per day.
U.S. diesel prices hit record high at $5.90 per gallon
Diesel fuel prices reached $5.90 per gallon on September 7, 2026, marking a record high. This represents a significant increase from $3.71 per gallon one year prior.
California diesel prices surge to $7.83 per gallon
Diesel fuel in California reached an average price of $7.8256 per gallon on September 7, 2026, reflecting a 52.02% surge compared to $5.1478 per gallon one year prior. This represents the highest diesel prices in the nation.
California gasoline prices reach $5.86 per gallon, highest in U.S.
The average price for regular gasoline in California reached $5.8602 per gallon as of September 7, 2026, representing a 26.95% increase compared to $4.6162 per gallon one year prior. California has the most expensive gasoline market in the United States.
U.S. gasoline prices reach record high for Labor Day at $4.15 per gallon
The national average price for a gallon of regular unleaded gasoline reached $4.15 on Monday, September 7, 2026, setting a new record for Labor Day. This surpasses the previous Labor Day record of $3.82 set on September 3, 2012. The price increase reflects elevated crude oil costs offsetting typical post-summer seasonal declines in gasoline demand.
U.S. gasoline demand declines to 8.92 million barrels per day
According to data from the Energy Information Administration, U.S. gasoline demand decreased from 9.04 million barrels per day to 8.92 million barrels per day in the week before September 7, 2026.
California fuel price premium over national average widens for diesel
The diesel price premium in California over the rest of the United States increased from an average of $1.14 per gallon before the Iran war to $1.58 per gallon following the conflict, indicating diesel prices are rising faster for California consumers than for other Americans.
Three U.S. states experience gasoline prices exceeding $5 per gallon
California, Hawaii, and Washington are the only three U.S. states where average gasoline prices exceed $5 per gallon as of September 7, 2026. Indiana, Mississippi, and Texas have the lowest prices nationally.
Brent crude futures trading at $97 per barrel
International benchmark Brent crude futures were trading at $97 per barrel on Monday, September 7, 2026, up from $72 per barrel before the Iran conflict.
Diesel prices hit record national average of $5.85 per gallon
Diesel fuel reached a national average of $5.85 per gallon, setting a new record. The increased diesel costs are being passed on to consumers through higher transportation and delivery expenses at grocery stores and package delivery services.
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2 alternative perspectives
Oil prices breach $100 as market absorbs fresh supply shocks
Brent crude breaches $100; WTI hits $95.78 as major banks raise price forecasts amid supply tightness.
Energy Secretary Wright projects gasoline prices to drop by November 2026
Energy Secretary Wright projects gasoline prices to fall by November 2026 as global supply pressures ease.
Refinery constraints tighten global oil supplies across three major regions
Major refinery constraints in the US, Russia, and China are severely limiting global oil production capacity.
Iran blocks Strait of Hormuz after US-Israel military strikes
Iran maintains Strait of Hormuz blockade following US-Israel military strikes, defying ceasefire terms.
Record US fuel prices strain household budgets amid global supply crisis
Record US fuel prices cost households $741 extra since February amid converging global supply disruptions.
Fuel price spikes reveal stark regional disparities across US markets
California fuel prices dramatically exceed national records, revealing sharp regional disparities amid tightening US supply.
Record fuel prices hit US as supply crisis deepens globally
Record US fuel prices driven by Middle East conflict, refinery attacks, and maxed-out production capacity.
France locks in fuel support extension through 2027 budget
France extends fuel support measures through 2027 as prices remain elevated.
US-Iran conflict sends shockwaves through global oil markets
US-Iran conflict disrupted global oil supplies and spiked French fuel prices through Strait of Hormuz blockade impacts.
France extends fuel assistance program through August 2026
France extends fuel assistance through August 2026 amid low enrollment among eligible drivers.
TotalEnergies output falls 210,000 barrels daily amid Strait access limits
TotalEnergies production fell 210,000 barrels daily as Middle East conflict limited Strait of Hormuz access.