Fuel Market Report

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 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.