The nation’s average price of gasoline has risen 10.3 cents over the last week and stands at $3.82 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is down 21.2 cents from a month ago and is 71.0 cents per gallon higher than a year ago. The national average price of diesel rose 9.6 cents in the last week and stands at $4.854 per gallon.

“The national average price of gasoline has seen its first weekly increase since May 11, snapping a streak of eight straight weekly declines, with prices climbing in nearly four out of five states,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The turnaround comes as oil prices have surged following the collapse of the ceasefire between the U.S. and Iran and the start of new attacks, with oil jumping another 4% in Sunday evening trading, an ominous sign that could bring additional gas and diesel price increases in the week ahead. While the pace of increases doesn’t yet appear likely to match what motorists experienced in March and April, fresh Ukrainian attacks on additional Russian refineries will only add to the pressure, keeping supplies of refined products tight even as the situation remains fluid.”

OIL MARKET DYNAMICS

Oil prices surged to start the week as the fragile U.S.-Iran peace process unraveled over the weekend into a fresh round of military exchanges, with the U.S. carrying out its fourth wave of strikes on Iran in a week after Tehran attacked a Cyprus-flagged container ship transiting the Strait of Hormuz. Iran declared the strait closed “until further notice”—a claim the U.S. disputed—while shipping traffic plunged back into the single digits daily, reversing weeks of gradual recovery and rebuilding the supply risk premium markets had been steadily pricing out since the June MOU. In early Monday trade, WTI crude was up $2.87 to $74.28 per barrel, well above last Monday’s $68.28, while Brent gained $3.09 to $79.10, compared to $71.76 a week ago, as traders grapple with a conflict that has now cost the market roughly 9.4 million barrels per day of global output since February, with no clear resolution in sight. “Renewed rising tensions in the Middle East and reduced oil flows through the Strait are pushing oil prices higher. Market participants will also track how many ships move into the Gulf as lower inbound ships could weigh on Middle Eastern production if Chinese crude imports are picking up again,” said Giovanni Staunovo, UBS commodities analyst, via e-mail.

OIL AND REFINED PRODUCT SUPPLIES

The EIA’s Weekly Petroleum Status Report for the week ending July 3, 2026, showed U.S. commercial crude oil inventories rose by 3.0 million barrels and are about 6% below the five-year average for this time of year, while the SPR fell 6.2 million barrels to 319.5 million barrels. Gasoline inventories fell by 1.9 million barrels and are about 6% below the five-year seasonal average, while distillate inventories fell by 5.0 million barrels and are about 12% below the five-year seasonal average. Refinery utilization fell 0.8 percentage points to 95.8%, while implied gasoline demand, the EIA’s proxy for retail demand, fell 286,000 bpd to 8.845 million barrels per day.

GAS PRICE TRENDS

The most common U.S. gas price encountered by motorists was $3.89 per gallon, up 40 cents from a week ago, followed by $3.99, $3.59, $3.49, and $3.79, rounding out the top five most common prices.

The median U.S. gas price is $3.69 per gallon, up 10 cents from last week and about 13 cents lower than the national average.

The top 10% of stations in the country average $5.04 per gallon, while the bottom 10% average $3.21 per gallon.

The states with the lowest average prices: Indiana ($3.24), Oklahoma ($3.39), and Texas ($3.39).

The states with the highest average prices: Hawaii ($5.39), California ($5.34), and Washington ($4.94).

Biggest weekly changes: Ohio (+26.9¢), Delaware (+20.1¢), New Mexico (+19.7¢), Indiana (+18.9¢), Iowa (+18.5¢).

DIESEL PRICE TRENDS

The most common U.S. diesel price stood at $4.99 per gallon, unchanged from last week, followed by $4.59, $4.69, $4.49, and $4.79, rounding out the top five most common prices.

The median U.S. diesel price is $4.69 per gallon, up 10 cents from last week and about 16 cents lower than the national average.

Diesel prices at the top 10% of stations in the country average $5.63 per gallon, while the bottom 10% average $4.11 per gallon.

The states with the lowest average diesel prices: Oklahoma ($4.20), Arkansas ($4.30), and Nebraska ($4.30).

The states with the highest average diesel prices: Hawaii ($6.95), California ($6.47), and Washington ($5.83).

Biggest weekly changes: Florida (+38.0¢), Texas (+29.8¢), South Carolina (+23.1¢), Colorado (+19.4¢), Iowa (+19.0¢).

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