Gasoline near $4 as US restarts strikes

U.S. forces resumed strikes against Iran earlier this month after an interim agreement unraveled, and officials said the action coincided with a fresh rise in crude that is pushing gasoline toward $4 a gallon. Data showed energy markets moved higher as traders reassessed supply risk, lifting benchmark crude prices and sending retail pump averages up.

U.S. strikes and oil

Officials said the strikes followed the collapse of an interim deal and stalled negotiations toward a broader settlement. That sequence added a security premium to oil markets; data showed traders priced a higher risk of disruption in regional shipping routes and inshore production facilities.

Officials said tighter risk sentiment can translate quickly into higher refining and transport costs, which feed through to retail gasoline. Data showed U.S. pump prices are edging closer to the $4 mark, a level that typically dents household discretionary spending and can complicate inflation readings.

Officials said the situation is fluid and provided no timetable for de-escalation. Market participants will be watching near-term supply indicators and policy responses closely.

Traders will monitor the weekly oil inventory report on July 22, 2026, for evidence of tightening supplies and any further statements from officials about military activity.