Geopolitical tensions drive gasoline price hikes

In late July 2026, gasoline prices in the United States and Canada continued to rise sharply as the fallout from the U.S.–Iran conflict and related regional hostilities intensified. On July 21, Riverside County, California recorded its seventh consecutive daily increase in self‑serve regular gasoline, reaching $5.44 per gallon—a $1.04 jump since the February 28 joint U.S./Israel strike on Iran. The national average was $4.02 per gallon.

By July 27, the upward trend accelerated. Riverside County’s price hit $5.58 per gallon, marking the 13th straight day of gains and a $1.03 rise since the same February attack. The national average rose to $4.11. The report also noted a parallel surge in Regina, Saskatchewan, where retail gasoline climbed to 174.08 c/L, up 12.2 cents on the day and 45.1 c/L year‑over‑year. Analysts linked the sustained price increases to the ongoing U.S.–Iran confrontation, renewed Houthi attacks in the Red Sea, and Ukrainian strikes on Russian oil refineries, suggesting that future pump prices will remain sensitive to further geopolitical developments.