Gas Prices See Fourth Straight Weekly Rise, Prices to Advance on Iran Situation This Week
by: GasBuddy
Published: March 2, 2026
BOSTON...The nation’s average price of gasoline has risen 5.6 cents over the last week and stands at $2.94 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 7.8 cents from a month ago and is 10.1 cents per gallon lower than a year ago. The national average price of diesel rose 5.4 cents in the last week and stands at $3.740 per gallon.
“The national average price of gasoline has climbed for a fourth straight week, driven primarily by seasonal tightening and broader market dynamics,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Looking ahead, markets will now begin reacting to this weekend’s U.S.–Iran attacks, which have elevated geopolitical risk premiums even in the absence of immediate supply disruption. Oil prices have firmed as traders assess the potential for further escalation, and while fundamentals such as inventories and refinery activity remain important anchors, the risk of broader instability— particularly involving key transit routes— has injected fresh uncertainty into energy markets. In the week ahead, gasoline prices are likely to face heightened upward pressure as seasonal trends continue and markets navigate this evolving geopolitical landscape, with the national average poised to reach the $3-per-gallon mark for the first time this year.”
OIL MARKET DYNAMICS
Over the past week, oil prices climbed, with crude moving higher as escalating tensions involving Iran and Israel raised fears of a broader Middle East conflict and potential supply disruptions through the Strait of Hormuz, a critical global oil transit chokepoint. While prices had already been supported by lingering geopolitical tensions and some constructive inventory data earlier in the week, the latest escalation was adding a risk premium and increased market volatility. Looking ahead, developments surrounding Iran — particularly any threat to regional production or shipping flows — are likely to remain the dominant driver of oil prices and could keep crude elevated or push it higher if tensions intensify further. In early Monday trade, a barrel of West Texas Intermediate crude oil rose $5.39 per barrel to $72.41, up from $66.85 per barrel last Monday. Brent crude oil was up $6.42 per barrel in early trade, to $79.29 per barrel, up from $72.08 per barrel last Monday.
OIL AND REFINED PRODUCT SUPPLIES
The EIA’s Weekly Petroleum Status Report for the week ending February 20, 2026, showed U.S. oil inventories rose by 16.0 million barrels and are about 3% below the seasonal average for this time of year, while the SPR was unchanged at 415.4 million barrels. Gasoline inventories fell by 1.0 million barrels and are about 3% above the five-year seasonal average, while distillate inventories rose by 0.3 million barrels and are about 5% below the five-year seasonal average. Refinery utilization fell 2.4 percentage points to 88.6%, while implied gasoline demand, the EIA’s proxy for retail demand, fell 15,000 bpd to 8.733 million barrels per day.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $2.79 per gallon, up 10 cents from a week ago, followed by $2.89, $2.69, $2.59, and $2.99, rounding out the top five most common prices.
The median U.S. gas price is $2.79 per gallon, up 4 cents from last week and about 15 cents lower than the national average.
The top 10% of stations in the country average $4.39 per gallon, while the bottom 10% average $2.39 per gallon.
The states with the lowest average prices: Oklahoma ($2.42), Mississippi ($2.51), and Louisiana ($2.51).
The states with the highest average prices: California ($4.58), Washington ($4.29), and Hawaii ($4.29).
Biggest weekly changes: Wisconsin (+23.8¢), New Mexico (+13.5¢), Michigan (+11.8¢), Missouri (+11.0¢), Georgia (+10.2¢).
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.69 per gallon, down 30 cents from last week, followed by $3.49, $3.59, $3.79, and $3.99, rounding out the top five most common prices.
The median U.S. diesel price is $3.68 per gallon, up 9 cents from last week and about 6 cents lower than the national average.
Diesel prices at the top 10% of stations in the country average $4.59 per gallon, while the bottom 10% average $3.03 per gallon.
The states with the lowest average diesel prices: Texas ($3.27), Louisiana ($3.28), and Mississippi ($3.30).
The states with the highest average diesel prices: Hawaii ($5.09), California ($5.05), and Washington ($4.84).
Biggest weekly changes: New Mexico (+19.3¢), Arizona (+12.8¢), Arkansas (+12.4¢), Colorado (+12.0¢), Nebraska (+11.9¢).