{"id":946,"date":"2026-06-01T20:39:10","date_gmt":"2026-06-01T20:39:10","guid":{"rendered":"https:\/\/americanmovershub.com\/?p=946"},"modified":"2026-06-01T20:39:10","modified_gmt":"2026-06-01T20:39:10","slug":"recent-pump-relief-could-be-over-as-crude-oil-prices-surge-again","status":"publish","type":"post","link":"https:\/\/americanmovershub.com\/?p=946","title":{"rendered":"Recent pump relief could be over as crude oil prices surge again"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>KEY POINTS<\/div>\n<\/div>\n<div>\n<ul>\n<li>Oil futures were headed back up Monday following renewed Middle East tensions.<\/li>\n<li>U.S. gas prices had been on the decline for the past week.<\/li>\n<li>Utah gas prices are still running well ahead of the national average.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>Renewed Middle East tensions pushed petroleum industry prices up Monday, reversing recent reductions by the anticipation of a peace deal and the reopening of the critical Strait of Hormuz shipping passage.<\/p>\n<p>Read more <a href=\"https:\/\/americanmovershub.com\/?p=944\">Utah Senate president to Kevin O\u2019Leary: Make it 30,000 acres smaller<\/a><\/p>\n<p>Brent crude futures were up more than 6% to trade around $97 a barrel Monday morning after Iran\u2019s semi-official Tasnim news agency reported that the country was suspending negotiations with the U.S. over Israel military strikes in Lebanon, according to a Wall Street Journal report. U.S. crude moved up over 8% to $95 per barrel and wholesale gas prices jumped 4%.<\/p>\n<p>Wholesale oil prices along with retail gas prices had been headed down over the past week as President Donald Trump and other officials signaled negotiators were on the cusp of sealing an Iran peace deal. But that market optimism came to a halt after the Iranian government-aligned media\u2019s report that the country was cutting off talks with the United States to end the ongoing war.<\/p>\n<p>Average gas prices across the U.S. dropped nearly 19 cents per gallon in the past week, according to tracking by AAA, though the current average price for a gallon of regular across the country, $4.32, is still $1.18 per gallon over this time last year.<\/p>\n<p>Industry experts warn the spike in pricing of wholesale oil futures could soon be reflected in consumer prices at the pump.<\/p>\n<p>\u201cAverage gasoline prices declined in all 50 states over the last week, with GasBuddy now tracking 15 states where the average price of gasoline has fallen below $4 per gallon, offering motorists some of the most widespread relief seen in weeks,\u201d said Patrick De Haan, head of petroleum analysis at GasBuddy, in a Monday blog post. \u201cMuch of the decline was driven by falling oil prices and the unwinding of recent price cycles, as growing optimism surrounding a potential U.S.-Iran agreement helped ease concerns over global oil supplies. Diesel prices also posted a substantial decline, falling more than 15 cents per gallon nationally. <\/p>\n<p>\u201cHowever, the coast is anything but clear. Oil prices edged higher Sunday evening as uncertainty surrounding a potential deal persisted and renewed Israeli attacks added another layer of geopolitical risk. While motorists may continue to see some short-term relief, some price-cycling states could soon experience another upward swing as retailers run out of room to lower prices further. Overall, any setback in negotiations could quickly reverse the recent decline in fuel prices.\u201d<\/p>\n<h3>Dangerously low oil supplies<\/h3>\n<p>Exxon senior vice president Neil Chapman warned at a conference hosted by Bernstein in New York last week oil inventory is approaching \u201cunheard of\u201d levels<\/p>\n<p>Read more <a href=\"https:\/\/americanmovershub.com\/?p=942\">Is Taylor Swift involved in \u2018Toy Story 5\u2032? Here\u2019s what we know<\/a><\/p>\n<p>\u201cI mean really, really low levels,\u201d Chapman said, per CNBC. \u201cYou can debate whether that\u2019s going to hit, those really low levels, in two weeks or three weeks. Once you get to that point, then you\u2019ll see price shoot up.\u201d<\/p>\n<p>Oil industry executives have sounded that alarm for months as the crude futures market has not reflected the scale of the Middle East war disruption.<\/p>\n<p>\u201cI don\u2019t know, whether it\u2019s two to three weeks or three to four weeks,\u201d Chapman said. \u201cWhat I\u2019m really saying is, once you get to the minimum inventory levels and all-time low inventory levels, there\u2019s only one way to go. That\u2019s the situation.\u201d<\/p>\n<h3>Consumers worn out with war\u2019s impacts on family budgets<\/h3>\n<p>Utah drivers are facing fuel costs running well ahead of the rest of the nation with the average price of a gallon of regular at $4.54 on Monday, per AAA. That price is down from $4.64 a week ago but running $1.26 per gallon higher than this time last year.<\/p>\n<p>Recent polling by the Deseret News in partnership with the University of Utah\u2019s Hinckley Institute of Politics finds households in Utah and across the country united in their concern over how economic fallout from the Iran war is challenging their financial well-being and ratcheting up anxieties.<\/p>\n<p>The survey revealed a striking level of worry among respondents in both the statewide and national samples, with 80% of Utahns and 79% of Americans saying that they\u2019re at least somewhat concerned about the war\u2019s impacts on the U.S. economy, with 51% and 50%, respectively, saying they are very concerned. Just 18% of Utah poll participants and 15% of national respondents said they were not too concerned or not at all concerned about the impacts.<\/p>\n<p>Overall concern about how the war in Iran is affecting household budgets was similarly widespread, with 87% in Utah and 79% nationally saying the cost of daily goods has increased somewhat or a great deal. Only 3% and 7%, respectively, say they are paying prices that are somewhat or a great deal lower since the war began.<\/p>\n<p>Read more <a href=\"https:\/\/americanmovershub.com\/?p=940\">Utah Democrat renews push for rivals to drop out of congressional race as he releases new poll<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Why are gas prices going up again? How much is a gallon of gas? How much is a barrel of crude oil? Renewed Middle East tensions drive up gas prices<\/p>\n","protected":false},"author":1,"featured_media":945,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Recent pump relief could be over as crude oil prices surge again - American Movers Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/americanmovershub.com\/?p=946\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recent pump relief could be over as crude oil prices surge again - American Movers Hub\" \/>\n<meta property=\"og:description\" content=\"Why are gas prices going up again? 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