Global Fuel Price Increases Driven by Multiple Supply Disruptions
Fuel prices are rising due to multiple global supply disruptions including renewed U.S.-Iran tensions affecting oil shipments through the Strait of Hormuz and damage to Russian refineries. As a result, gasoline averaged $3.89 per gallon in July 2026 compared to $2.98 before hostilities began.
Topics: gasoline prices inflation oil supply disruptions Strait of Hormuz U.S.-Iran conflict