Updated July 14, 2026, 8:28 p.m. ET
Americans got some relief at the gas pump in recent weeks, but the reprieve may be short-lived. With the U.S. and Iran again vying for control of the Strait of Hormuz, retail gasoline prices have crept up — and some see a return to an average of $4 or more a gallon just around the corner.
The latest flare-ups in hostilities are boosting crude futures prices, which were inching toward $80 a barrel Tuesday. Prices had hit a recent low of $68 a barrel during the pause in fighting. The latest back-and-forth also revived concerns about inflation, which
cooled in June during the lull in the U.S. war with Iran.
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