Gasoline price climbs 31 cents in past week, crossing $4.50 a gallon
By Ryan Mancini
Published on May 6, 2026.
The average price of gasoline in the U.S. reached $4.53 per gallon, a rise of 31 cents in a week and 50 percent since the start of the war against Iran. Iran has responded by closing the Strait of Hormuz, a crucial oil and energy waterway, with the US imposing its own blockade. Despite this, prices began to fall when President Trump put a pause on "Project Freedom," an initiative to defend ships passing through the strait, as Washington and Tehran inch closer to agreeing to a one-page memo to end all hostilities. The global benchmark for crude oil has also seen a decline, though it remains high at over $102.
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