The nation’s average price of gasoline has fallen 17.9 cents over the last week and stands at $4.09 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is down 45.2 cents from a month ago and is $1.02 per gallon higher than a year ago. The national average price of diesel fell 13.8 cents in the last week and stands at $5.299 per gallon.

“Average gasoline prices declined in virtually every state over the last week as oil prices continued to fall, with crude approaching $90 per barrel and refiners ramping up output following seasonal maintenance,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The combination of lower oil costs and improving refinery runs has kept downward pressure on pump prices, giving motorists a welcome reprieve. However, the future of prices remains murky. With the Strait of Hormuz remaining effectively closed, global oil supplies continue to tighten, and any further deterioration in the situation could send prices sharply higher. For now, motorists may enjoy the savings at the pump, but the risk of a significant reversal has not gone away.”

Oil market dynamics

Oil markets surged to start the week as a dramatic escalation in Middle East tensions sent crude prices sharply higher. Iran and Israel exchanged missile strikes over the weekend, threatening to derail President Trump’s proposed 60-day ceasefire and casting fresh doubt on the prospect of any near-term diplomatic resolution. The renewed hostilities immediately rebuilt the geopolitical risk premium that had been gradually unwinding in recent sessions, reversing last week’s downward drift driven by cautious optimism over negotiations.

In early Monday trade, WTI crude oil was up $1.19 per barrel to $91.73, well above last Monday’s $89.48 level, while Brent crude gained $1.55 to $94.64 per barrel, also above the $92.86 fetch from a week ago. The advance underscores how quickly sentiment can reverse in this market — last week’s tentative optimism over diplomatic progress has given way to fresh anxiety over supply security, particularly as the Strait of Hormuz remains effectively closed and the risk of further escalation threatens to deepen disruptions to Persian Gulf energy flows. “Despite restricted flows through the Strait and renewed tensions between Iran and Israel, oil prices have moved sideways in recent days. Not helping oil is the concern that central banks may eventually have to raise policy rates in response to higher inflation. This week, both the EIA and the OPEC Secretariat will publish their monthly reports, showing that the oil market remained undersupplied,” added Giovanni Staunovo, UBS commodities analyst via e-mail.

Oil and refinded product supplies

The EIA’s Weekly Petroleum Status Report for the week ending May 29, 2026, showed U.S. commercial crude oil inventories fell by 8.0 million barrels and are about 3% below the five-year average for this time of year, while the SPR fell 8.0 million barrels to 357.1 million barrels. Gasoline inventories rose by 3.4 million barrels and remain 5% below the five-year seasonal average, while distillate inventories rose by 1.5 million barrels and are about 3% below the five-year seasonal average. Refinery utilization edged up 0.2 percentage points to 94.7%, while implied gasoline demand, the EIA’s proxy for retail demand, fell 662,000bpd to  8.594 million barrels per day.

Gas price trends

The most common U.S. gas price encountered by motorists was $3.99 per gallon, unchanged from a week ago, followed by $3.79, $3.89, $3.69, and $3.59, rounding out the top five most common prices.

The median U.S. gas price is $3.89 per gallon, down 20 cents from last week and about 20 cents lower than the national average.

The top 10% of stations in the country average $5.59 per gallon, while the bottom 10% average $3.34 per gallon.

The states with the lowest average prices: Indiana ($3.42), Texas ($3.58), and Oklahoma ($3.60).

The states with the highest average prices: California ($5.83), Washington ($5.58), and Hawaii ($5.55).

Biggest weekly changes: Ohio (-24.8¢), Florida (-21.5¢), Illinois (-21.3¢), Kentucky (-20.9¢), Indiana (-20.4¢).

Diesel price trends

The most common U.S. diesel price stood at $4.99 per gallon, unchanged from last week, followed by $4.89, $4.79, $4.69, and $4.59, rounding out the top five most common prices.

The median U.S. diesel price is $5.09 per gallon, down 20 cents from last week and about 20 cents lower than the national average.

Diesel prices at the top 10% of stations in the country average $6.21 per gallon, while the bottom 10% average $4.46 per gallon.

The states with the lowest average diesel prices: Oklahoma ($4.63), Texas ($4.67), and Louisiana ($4.76).

The states with the highest average diesel prices: California ($7.14), Hawaii ($6.93), and Washington ($6.52).

Biggest weekly changes: Wisconsin (-23.0¢), Florida (-22.9¢), Colorado (-19.7¢), Illinois (-18.8¢), Delaware (-18.4¢).