THE BARE STORY
U.S. gasoline prices averaged $4.36 per gallon on Thursday, remaining elevated despite improved oil shipments through the Strait of Hormuz and a recovery in Gulf oil exports outside Iran.
Fuel prices rose after disruptions linked to the war with Iran and Iran’s closure of the strait, a key route for Middle East oil exports. Diesel prices were $6.28 per gallon after reaching nearly $6.53 per gallon on Sept. 22.
Market analysts and tracking data cited in the reports attributed the slow decline in retail prices to higher shipping costs, continued concerns about renewed disruptions and delays by retailers in lowering prices. About four in 10 barrels of crude were bypassing the Strait of Hormuz through alternative routes, according to the reports.
Kalshi prediction-market traders assigned an 87% probability that the national gasoline average will remain above $4 per gallon on Election Day, Nov. 3. They gave a 68% probability that diesel prices will stay above $6 per gallon.
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