Pump prices are up in 47 states, including Oregon, this week but a drop in crude oil prices could help stall further increases in gas and diesel prices. Still, markets remain concerned about global oil supplies as few ships are able to travel through the Strait of Hormuz. For the week, the national average for regular gasoline rises eight cents to $4.10 a gallon. The Oregon average gains seven cents to $4.64 a gallon.
“Crude oil prices are lower this week after hostilities eased in the Middle East, and that’s helping to put the brakes on spiking pump prices. Still, volatility is the name of the game, and oil and pump prices could rise again depending on what develops in the conflict between the U.S. and Iran, and whether shipping traffic resumes in the Strait of Hormuz,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
Crude oil prices dropped to start this week after a pause in hostilities between the U.S. and Iran. But markets continue to be concerned tightening global oil supplies due to the conflict in the Middle East, as well as Ukrainian drone attacks on Russia’s energy infrastructure. West Texas Intermediate, the U.S. benchmark for crude, climbed above $90 per barrel last week, but is back below $80 to start this week.
Gas prices are significantly more expensive than they were before the conflict with Iran began. The National average for regular gas was $2.98 and Oregon average was $3.92 on Feb. 28, the day the U.S. and Israel launched airstrikes against Iran.
Crude oil prices remain volatile, with dramatic swings driven by concerns of how the conflict with Iran impacts global oil supplies. Since the conflict with Iran started, prices for West Texas Intermediate, the U.S. benchmark for crude, have ranged between $68 and nearly $113 per barrel. Crude was at $67 per barrel on Feb. 27, the day before the conflict began.
In general, every $1 increase in the price of crude oil leads to a 2.4- to 2.5-cent increase in the price of gasoline.
Shipping traffic in the Strait of Hormuz remains well below pre-conflict levels of 100 to 130 ships per day. Normally, about 20% of the world’s oil and refined products flow through the Strait of Hormuz, which is the narrow passageway of the Persian Gulf and is bordered by Iran. Tankers traveling through the Strait of Hormuz carry oil from major producers in the Middle East including Saudi Arabia, Kuwait, Bahrain, UAE, Qatar, Iraq and Iran. Any disruption in the straight can impact global oil supplies and send crude oil prices higher.
The Oregon average for regular gas began 2026 at $3.42 a gallon. The highest price of the year so far is $5.353 on May 20. The lowest price of the year so far is $3.33 on January 20. The record high for the Oregon average is $5.548 set on June 15, 2022.
The Washington average for regular gas began 2026 at $3.86 a gallon. The highest price of the year so far is $5.789 on May 20, which is the record high for Washington. The lowest price of the year so far is $3.79 on January 14.
The national average began 2026 at $2.83 a gallon. The highest price of the year so far is $4.564 on May 21. The lowest price of the year so far is $2.795 on January 11. The record high for the national average is $5.016 set on June 14, 2022.