{"id":74329,"date":"2026-04-07T16:44:31","date_gmt":"2026-04-07T16:44:31","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/gas-prices-could-soon-breach-5-a-gallon-if-strait-of-hormuz-remains-shut-j-p-morgan-analysts-say\/"},"modified":"2026-04-07T16:44:31","modified_gmt":"2026-04-07T16:44:31","slug":"gas-prices-could-soon-breach-5-a-gallon-if-strait-of-hormuz-remains-shut-j-p-morgan-analysts-say","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/gas-prices-could-soon-breach-5-a-gallon-if-strait-of-hormuz-remains-shut-j-p-morgan-analysts-say\/","title":{"rendered":"Gas prices could soon breach $5 a gallon if Strait of Hormuz remains shut, J.P. Morgan analysts say"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gas-oil-prices-cost-iran-war\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Gasoline prices<\/a><\/span>\u00a0in the U.S., which have risen $1.16 a gallon since the start of the\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/iran-war-trump-deadline-power-plants-human-chains-israel-train-strikes\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Iran war<\/a><\/span>\u00a0in February, could top $5 a gallon as soon as later this month if the Strait of Hormuz remains closed through mid-April, according to J.P. Morgan energy analysts.<\/p>\n<p>Higher prices at the pump could also consume &#8220;much or all&#8221; of the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-iran-war-tax-refunds-stanford\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">larger tax refunds<\/a><\/span> many Americans were expected to receive this year because of the Republican-backed tax and spending bill passed in 2025, they note.<\/p>\n<p>&#8220;Every 10\u00a2 rise in the average price of regular gasoline this year would add just over another $12 [billiion] to the annual outlays for gasoline,&#8221; J.P. Morgan said in a note to clients. &#8220;Our U.S. economics team estimates that the recent increase in the gasoline price, if it persists for the rest of this year, should amount to around a $100 [billion] hit to consumers&#8217; purchasing power.&#8221;<\/p>\n<p>Gas prices have surged in the U.S. as the conflict in the Middle East blocks shipments of oil passing through the strategically vital\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/strait-of-hormuz-iran-oil-prices-us\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Strait of Hormuz<\/a><\/span>. As of Tuesday, the average national gas price was $4.14 a gallon, up from $2.98 just before the outbreak of hostilities, according to data from AAA.\u00a0<\/p>\n<p>Patrick De Haan, a petroleum expert at GasBuddy, agrees that gas prices could surpass $5 a gallon by late April if the situation in the Middle East doesn&#8217;t improve soon.\u00a0<\/p>\n<p>&#8220;New records for both gasoline and diesel are possible, and more likely if the president follows through on his threats to attack Iran\/escalate the situation later today,&#8221; he said in an email to CBS News.<\/p>\n<p>The average national gas price last reached $5 a gallon in 2022, hitting an all-time high of $5.02 after adjusting for inflation in June of that year amid the fiercest inflation in four decades.\u00a0<\/p>\n<div>\n<div style=\"min-height:481px\" id=\"datawrapper-vis-812II\"><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/812II\/full.png\" alt=\"Average gas prices by state (Choropleth map)\"\/><\/div>\n<p> <amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/812II\/\">  <\/amp-iframe> <\/p>\n<div style=\"min-height:427px\" id=\"datawrapper-vis-TIphM\"><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/TIphM\/full.png\" alt=\"Table\"\/><\/div>\n<p> <amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/TIphM\/\">  <\/amp-iframe><\/div>\n<p>Traffic in the strait has edged up, with 21 ships transiting the waterway over the weekend,\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-06\/hormuz-traffic-rises-to-highest-in-weeks-as-more-transits-agreed\" target=\"_blank\" rel=\"noopener\">according<\/a> to Bloomberg. However, traffic remains far below where it stood before the war. Ship transits through the channel dropped from roughly 130 per day in February to six in March, a United Nations panel said in a\u00a0<a href=\"https:\/\/unctad.org\/news\/hormuz-disruption-deepens-global-economic-strain-across-trade-prices-and-finance\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0on Monday.\u00a0<\/p>\n<p>On Tuesday, President Trump <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-iran-deal-whole-civilization-will-die\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">ramped up his threats<\/a><\/span> against Iran, writing on Truth Social that &#8220;a whole civilization will die tonight&#8221; if the country doesn&#8217;t reopen the strait by 8 p.m. Eastern time on Tuesday.\u00a0<\/p>\n<div>\n<div style=\"min-height:565px\" id=\"datawrapper-vis-FinjE\"><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/FinjE\/full.png\" alt=\"Gas prices over time (Line chart)\"\/><\/div>\n<p> <amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/FinjE\/\">  <\/amp-iframe><\/div>\n<p>Mr. Trump told<strong>\u00a0<\/strong>CBS News White House correspondent Weijia Jiang on Monday that &#8220;we have to have a deal that&#8217;s acceptable to me, and part of that deal is going to be, we want free traffic of oil and everything else.&#8221;<\/p>\n<p>Mr. Trump has repeatedly called on other countries to reopen the waterway, noting that the U.S. imports relatively little oil from the Middle East. In a <a href=\"https:\/\/apnews.com\/article\/donald-trump-transcript-address-iran-war-b5970011fe934dde84d95d650bda56a9\" target=\"_blank\" rel=\"noopener\">speech<\/a> last week, he said that countries that rely on crude shipments passing through the strait should &#8220;take the lead in protecting the oil that they so desperately depend on,&#8221; according to the Assoicated Press.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"chartbeat\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  component--type-recirculation-collection\">\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-today-iran-war-strait-of-hormuz\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gasoline prices\u00a0in the U.S., which have risen $1.16 a gallon since the start of the\u00a0Iran war\u00a0in February, could top $5<\/p>\n","protected":false},"author":1,"featured_media":74330,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[4107,1528,1057],"class_list":["post-74329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-gas-prices","tag-iran","tag-oil-and-gas"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gas prices could soon breach $5 a gallon if Strait of Hormuz remains shut, J.P. 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