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Gas prices approach highest level this year weeks before midterms

NBC News • September 18, 2026 • general

Key Points:

U.S. gas prices have risen to an average of $4.46 per gallon, nearing the highest level of the year and approaching the all-time high of $5.01 set in June 2022, with several states already exceeding $5 per gallon.
Diesel prices have surged to a national average of $6.44 per gallon, up 71% since the start of the Iran war, impacting shipping and transportation costs and prompting companies like CMA-CGM to impose emergency fuel surcharges.
The ongoing conflict in Iran has disrupted oil supply routes through the Strait of Hormuz, with attacks on tankers and infrastructure causing supply constraints and elevated insurance costs for tanker passage.
Analysts predict that oil prices could rise above $120 per barrel or even reach $150 if the conflict escalates further, with Brent crude nearing $105 per barrel amid continued geopolitical tensions.
Efforts to manage energy costs face challenges as strategic petroleum reserves are depleted, limiting the ability to release additional oil supplies, while global leaders, including French President Macron, call for coordinated action to address rising fuel prices.

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