Sunny Battazzi

This past week brought higher crude oil prices followed by higher diesel prices and fairly stagnant gas prices. From 07/27 – 07/31, WTI Crude jumped $5.41/barrel. This was reflected in diesel prices jumping over $0.09/gal. Drivers in the Portland area are still seeing gas around $4.900/gal & diesel over $5.65/gal, both over $0.60/gal higher than they were last August. In Seattle, gas prices are $5.43/gal with diesel hovering around $6.41/gal, both over $0.70/gal higher than they were last August. 

As of 08/03/26 WTI Crude is trading around $80.41/barrel, down from the previous week. Tensions between Iran & the U.S have tapered off slightly this week, with no announced military strikes occurring within the last 9 days. The Strait of Hormuz is still closed. The Trump administration has yet again said it will announce new details of renewed peace talks within the next 48 hrs. Crude prices have flattened out the past few days and may continue to this week, fuel prices should remain mostly stagnant this week if tempers remain calm between the U.S & Iran.

Fuel prices soared this past week again as the U.S & Iran peace agreement has entirely collapsed. The most recent military strike by Iran hit U.S bases in Jordan, killing multiple US service men/women. This war has no end in sight, and the general public in the U.S remains very uninformed as to why the peace agreement continues to be violated. The national average gas price is yet again over $4.00/gal. As fuel prices climb once again and the average American struggles with continued inflation, the US government has spent over 3 trillion dollars of taxpayers’ money fighting an unexplained war in the Middle East.

Retail gas prices in Portland are just under $5/gal, averaging around $4.85/gal, while the Seattle area is currently $5.56/gal.  Retail diesel prices in Portland are just under $6/gal at a current average of $5.59/gal, while the Seattle area is over $6.37/gal. Crude oil is up $20/barrel in the last 12 days.

Fuel prices dropped for the second straight week rolling into July. As peace negotiations continue between the US & Iran, the Strait of Hormuz has been partially opened and traffic is flowing through the area slowly. Although the conflict is still in arms with much left unclear, the markets have responded positively to the peace negotiations and current ceasefire between the US and Iran. Crude oil prices have dropped over $15/barrel over the past 2 weeks since the announcement of a peace treaty between the US & Iran. The past few months have taught us to expect the unexpected regarding the conflict in the Middle East, so there is still a lot of skepticism surrounding the legitimacy of a long-lasting peace agreement and true ending to the war between the US & Iran.

Retail gas prices in Portland are just under $5/gal at a current average of around $4.95/gal, while the Seattle area is at $5.48/gal.  Retail diesel prices in Portland are just under $6/gal at a current average of $5.85/gal, while the Seattle area is over $6.31/gal. Fuel prices have dropped over $0.30/gal since the US/Iran peace announcement. With many wondering if this agreement will last into the future, the market has responded positively for the time being.

Fuel prices were mostly stagnant this past week, with only a $0.02/gal variance on both the wholesale rack market and the retail market. Crude Oil prices are currently hovering around $110/barrel. President Trump has once again delayed planned strikes on Iran while also extending Russian sanction waivers for “vulnerable countries”. This allows given countries to buy Russian oil and refined products until June 17th.

The continued hostility between the US & Iran along with higher crude prices has cost US consumers an estimated $45 billion since the beginning of the war, with no end in sight. The conflict continues to draw bipartisan disapproval as goals and timelines of the war remain extremely murky. A global oil shortage is continuing to grow with an estimated 1 billion barrels in production lost by the end of May. The IEA has warned that demand for oil will exceed supply in 2026 with a daily loss of production exceeding 3.9 million barrels. Analysts across the globe are factoring a prolonged oil shortage and its lasting effects on supply and demand into the 3rd quarter of 2026.

Fuel prices jumped yet again this past week with heightened tensions between Iran & The United States. We are currently entering day 74 of this war. This prolonged conflict has sent a ripple effect through the entire market, disrupting supply chains as far as food packaging and labeling. This past week, prices jumped 8% since April 30th. Prices are up on both the wholesale market and the retail market. Portland currently has an average diesel price of over $6.25/gal, with Seattle over $6.99/gal. President Trump has said the Iran ceasefire is “on life support,” which has sent crude oil prices higher yet again, with many analysts still unclear what is next. Iran has most recently proposed charging fees to international companies using fiber optic internet cables that run through the Strait of Hormuz. These seven different cables consist of FALCON, GBI, and Gulf-TGN and are critical to global data and financial traffic. If Iran were to cut these cords or take full control of them, the effects would be immense.

This conflict has continued to draw bipartisan disapproval as the current cost estimates exceed $22 billion.