JPMorgan says Iran war could push US gas to $5
Business
Gas prices in the US might hit $5 per gallon soon, with JPMorgan analysts pointing to the ongoing Iran war as a major reason.
Since fighting broke out in February 2026, oil has stayed around $100 a barrel and gas now averages $4.55 per gallon, a 52% jump from before the conflict.
Refineries shift output toward jet fuel
Because of the war, refineries are focusing more on jet fuel and less on gasoline and diesel, partly due to blockades and damaged facilities in the Middle East.
This shift is making things tougher for drivers (about one-third of consumers spontaneously mentioned gasoline prices, and about 30% mentioned tariffs).
With summer road trips coming up, survey director Joanne Hsu stressed that fixing supply chain issues is key for some relief.