Gas Prices Poised to Jump Again as Oil Surges After Ceasefire Collapse
by: GasBuddy
Published: April 13, 2026
Cheveron Huntington Beach prices jumps 10¢ more Monday
BOSTON...The nation’s average price of gasoline is virtually unchanged over last week and stands at $4.07 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 up 39.1 cents from a month ago and is 93.4 cents per gallon higher than a year ago. The national average price of diesel rose 4.1 cents in the last week and stands at $5.617 per gallon.
“Average gasoline prices surged for many Americans through the first half of last week before easing in some areas after oil prices slipped following President Trump’s announcement of a ceasefire,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, with a breakdown in talks and renewed escalation over the weekend, motorists should prepare for another round of price increases. The move toward a full blockade of the Strait of Hormuz is compounding global supply concerns and risks further disrupting flows, which pushed oil prices sharply higher in Sunday night trading. As a result, gasoline prices are likely to jump again this week, with diesel expected to follow, until there is a meaningful restoration of shipping through the Strait.”
OIL MARKET DYNAMICS
Oil markets saw a volatile week, marked by sharp swings driven primarily by geopolitical developments and shifting expectations around supply risk. Prices began the week elevated but quickly tumbled midweek after the announcement of a ceasefire, which significantly reduced immediate concerns about disruptions to global oil flows.
The ceasefire triggered a sharp sell-off, as traders rapidly pulled back risk premiums that had been built into the market amid escalating tensions. The move highlighted just how heavily geopolitical uncertainty had been influencing prices, and how quickly sentiment can reverse when the threat to supply appears to ease.
Despite that drop, oil prices began recovering late in the week and into Monday trading, suggesting that markets remain cautious about the durability of the ceasefire and the broader geopolitical backdrop. In early Monday trading, WTI crude oil was up $7.50 per barrel to $104.07 but remained below last week’s $110.01 starting point due to the steep losses following Wednesday’s ceasefire announcement. Brent crude was also higher, rising 41 cents to $102.01 per barrel, though still below last Monday’s $108.62 level.
Notably, WTI’s stronger rebound relative to Brent reflects contract dynamics that place a premium on nearer-term delivery, as well as shifting expectations around short-term supply tightness. This divergence underscores how different benchmarks can react to both structural and geopolitical factors in distinct ways.
Looking ahead, markets are likely to remain highly reactive to developments surrounding the ceasefire and any signs of renewed tension. While the immediate threat to supply may have eased, uncertainty remains high, and traders will continue to weigh the risk that disruptions could quickly return.
OIL AND REFINED PRODUCT SUPPLIES
The EIA’s Weekly Petroleum Status Report for the week ending April 3, 2026, showed U.S. oil inventories rose by 3.1 million barrels and are about 2% above the seasonal average for this time of year, while the SPR fell 1.7 million barrels to 413.3 million barrels. Gasoline inventories fell by 1.6 million barrels and are about 3% above the five-year seasonal average, while distillate inventories fell by 3.1 million barrels and are about 5% below the five-year seasonal average. Refinery utilization fell 0.1 percentage points to 92.0%, while implied gasoline demand, the EIA’s proxy for retail demand, fell 122,000 bpd to 8.564 million barrels per day.
AS PRICE TRENDS
The most common U.S. gas price encountered by motorists was $3.99 per gallon, unchanged from a week ago, followed by $3.89, $3.79, $3.69, and $4.19, rounding out the top five most common prices.
The median U.S. gas price is $3.89 per gallon, unchanged from last week and about 18 cents lower than the national average.
The top 10% of stations in the country average $5.65 per gallon, while the bottom 10% average $3.36 per gallon.
The states with the lowest average prices: Oklahoma ($3.42), Kansas ($3.47), and North Dakota ($3.59).
The states with the highest average prices: California ($5.84), Hawaii ($5.62), and Washington ($5.34).
Biggest weekly changes: Iowa (+19.1¢), Florida (-16.6¢), Minnesota (+14.9¢), Indiana (-12.1¢), Oklahoma (+11.3¢).
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 $5.49 per gallon, up 7 cents from last week and about 13 cents lower than the national average.
Diesel prices at the top 10% of stations in the country average $6.40 per gallon, while the bottom 10% average $4.79 per gallon.