Gasoline average rebounds to $4 per gallon

Data showed the national average price for regular gasoline hit $4.00 per gallon on Monday, returning pump prices to a level last seen earlier this year. Oil prices climbed more than 15% over the past week, pushing refining and retail margins higher, data showed.

Crude oil up 15% this week

Officials said renewed conflict involving Iran and renewed attacks tied to the Ukraine-Russia war have increased perceptions of supply risk, prompting buyers to bid crude higher. Traders priced in tightened availability for some delivery windows, and that premium transmitted into wholesale gasoline costs, market participants said.

Data showed the run-up in crude has started to show at the pump: wholesale gasoline benchmarks rose in recent sessions, and retailers have raised posted prices in many states. The increase comes during the peak summer driving season, which typically elevates demand and reduces the buffer that helps shield consumers from short-term crude swings.

Officials said policymakers and market-watchers will monitor inventory figures and any shifts in shipping or sanctions over the week ahead. Watch the U.S. weekly petroleum inventory release on July 22, 2026, and developments through July 24, 2026.