Gas prices went up more than 30 cents a gallon last week. How high could they go?

Gasoline costs within the U.S. have gone up greater than 30 cents a gallon within the final week and are slated to proceed rising because the Strait of Hormuz stays closed amid the Iran warfare.

The associated fee for normal gasoline as of Sunday is a mean $4.446 — per week in the past it was $4.099, in keeping with AAA’s gas website. U.S. gasoline costs have been a mean $2.98 on Feb. 26 — two days earlier than the warfare in Iran started — and a yr in the past, the common value of gasoline was $3.171, in keeping with knowledge from AAA.

Gasoline costs within the U.S. are the best they’ve been since late July 2022, stated the automotive group.

President Trump has promised that when the warfare in Iran ends, that gasoline costs will “drop like a rock.” It’s unclear when the warfare will finish, however even when it does and the Strait of Hormuz is reopened, gasoline costs might nonetheless stay excessive, in keeping with consultants.

And costs might go up larger the longer the strait, which is an important route for oil and pure gasoline commerce, stays closed, stated Kevin Guide, co-founder of ClearView Power Companions, a analysis agency.

“When inventories are low and you’ll’t get oil out of the bottom or out of the strait, it is best to count on costs to maintain rising at the very least till demand capitulates and begins to contract,” Guide instructed NPR’s Ayesha Rascoe on Weekend Version on Sunday. “So, we could also be weeks and even months, relying on how lengthy the strait stays closed, from the height of costs from this disaster.”

Guide added that it might take months for ships trapped within the Strait of Hormuz to get by means of, broken services to be repaired, and inventories to be replenished earlier than gasoline costs return to what’s thought-about regular. And even when gasoline costs have been to fall quick and rapidly, Guide predicted that the rationale would “in all probability be a nasty one, not an excellent one.”

“It might in all probability be recession, undercutting demand, knocking the knees out from beneath the market,” he stated.

Between the weeks of March 20 and April 24, the Division of Power launched 17.5 million barrels of crude oil from the U.S. Strategic Petroleum Reserve in an effort to curb excessive gas costs stemming from the warfare, in keeping with knowledge from the U.S. Power Info Administration.

Seven nations throughout the OPEC+ group on Sunday introduced they agreed to extend manufacturing by 188,000 barrels per day beginning in June as a dedication to “market stability.”

Increased costs on the gasoline pump are additionally impacting Individuals’ wallets amid a weakened U.S. greenback. The U.S. greenback depreciated about 10% from early January 2025 to the tip of April 2026 — with losses within the first half of 2025 being the most important since 1973, in keeping with an evaluation by Morgan Stanley.

A weakened greenback might make it dearer for Individuals to journey overseas and improve the value of imported items — whereas American exporters might see a monetary increase, in keeping with monetary analysts.