Fuel Market Report

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 jumped up this week as the U.S & Iran peace agreement has yet again proven to be extremely unstable, as military strikes have been re-initiated within the region, causing crude oil to shoot up 8% in 5 days. A very real problem that nobody seems to be talking about is the depletion of the federal oil reserve, which is at its lowest level since August 1983 at about 45% capacity. This should be much bigger news than it is, with no end in sight to the war with Iran

Retail gas prices in Portland are just under $5/gal at a current average of around $4.75/gal, while the Seattle area is at $5.45/gal.  Retail diesel prices in Portland are just under $6/gal at a current average of $5.55/gal, while the Seattle area is over $6.20/gal. Crude oil prices have jumped back this week as the U.S & Iran have once again started to bomb one another’s strategic assets. The doubters of the peace deal between the US & Iran were right yet again, as the peace agreement has gone to the wayside and military action and bomb strikes have resumed. This conflict truly has no end in sight, and the general public remains grossly uninformed by the U.S government about what is going on and what the timeline is.

Fuel prices were mostly stagnant this week, with fuel prices only moving a few cents while crude oil still hovered just above $70/barrel. The peace agreement between the US & Iran has continued to be shaky, with the US striking Iran on the 27th of June after Trump preached of peace and a “deal being done” on Truth Social. The continued murkiness has led the US public to begin to question what is actually going on and why this “3-week” operation is now entering its fifth month of conflict. The conflict has cost US consumers approximately $45 billion due to higher fuel and oil prices and inflation across the board.

Retail gas prices in Portland are just under $5/gal at a current average of around $4.85/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 $5.87/gal, while the Seattle area is over $6.25/gal. Crude oil prices have continued to tumble upon the renewed talks of a peace agreement between the U.S & Iran. Many doubt the legitimacy of peace agreements with continued military action and missile strikes occurring over weekends on more than one occasion. Much remains unclear about the current situation in Iran to the general public in the U.S.

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.

Upon the news of a potential peace agreement between the US & Iran, crude oil prices took a steep dip, causing fuel prices to follow. It will take a week or more of continued stability and peace between the regions for drivers to see the real price difference as prices continue to fall. The question is how real this peace agreement is and how long it will last. Global markets have responded very positively, with stock markets going up and crude oil prices dropping. President Trump announced that the Strait of Hormuz has reopened entirely, ending the naval blockage and bottleneck of the entire region.

Retail gas prices in Portland are still over $5/gal at a current average of around $5.12/gal, while the Seattle area is over $5.76/gal.  Retail diesel prices in Portland are still over $6/gal at a current average of $6.01, while the Seattle area is over $6.75/gal. As of June 8th, the main pipeline in Washington state is down for maintenance. The Olympic pipeline has been fixed and is back to full operational status. This, with the combination of a hopeful end of the conflict in the Middle East should continue to push fuel prices lower into this week and next.

Fuel prices fell this past week, while rack gas prices dropped, and retail prices were mostly stagnant. Wholesale rack prices for diesel dropped by only $0.01/gal in Portland, while gas dropped by over $0.12/gal. Retail gas prices in Portland are still over $5/gal at a current average of around $5.13/gal, while the Seattle area is over $5.85/gal.  Retail diesel prices in Portland are still over $6/gal at a current average of around $6.06, while the Seattle area is over $6.81/gal. As of June 8th, the main pipeline in Washington state is down for maintenance. The area will likely see price upticks rolling into this week.

Fuel prices dropped this past week as tensions and conflict in Iran remained stagnant. The stagnation did not last as Iran announced negotiations did not continue, and they will return to a full blockade of the Strait of Hormuz. Upon this announcement, the US reinitiated its ground striking campaign in Iran with multiple strikes on Saturday & Sunday. The US reportedly struck military bases, radars, and drone sites in Tehran. The re-engagement of the conflict between Iran & The US has continued to choke the marine traffic throughout the Straight of Hormuz. Last week, only 36 ships passed through the waterway compared to 130/day before the conflict started.

Crude oil prices are skyrocketing on the heels of news over the weekend of the re-engaged military conflict in Iran. Fuel prices are expected to take a steep climb throughout this week as the conflict continues with no end in sight. The Trump Admin has proposed waiving the federal gas/diesel tax until September 2026. An act that would require approval by Congress. This proposal has signaled to many that the conflict in Iran will not be over anytime soon. This week, we will likely see crude oil prices back over $100/barrel.

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.

Fuel prices jumped back up this week after a brief downfall in prices last week. Retail gas prices jumped $0.19/gal while diesel moved up $0.12/gal. This comes on the heels of President Trump announcing an indefinite extension of the ceasefire between the US & Iran. With no hard-set dates or timelines, many are wondering what will come of the latest ceasefire and how it will hold up. The Strait of Hormuz is still closed and under a multi-national blockade between Iran and the US with ships being boarded & shot at on both sides as prices continue to climb. This ongoing conflict has continued to create supply network bottlenecks across the globe, affecting CNG, Crude Oil, fertilizers, chip manufacturing, and transportation costs.

Brent Crude is currently trading at $119/barrel, up $22/barrel since last week. The UAE has announced it will be leaving OPEC and OPEC+ as of May 1st. This will further the divide within global oil supply networks. The UAE is the third-largest producer of crude oil among OPEC members behind Iran & Saudi Arabia. OPEC supplies nearly 40% of global oil output, with over 4.6M barrels per day following the departure of the UAE. This will allow the UAE to produce and sell more of its crude oil to a larger market.