Gas prices hit $4 again after oil soars more than 15% in a week - NBC News

What the report says

NBC News reported that the national average price for regular gasoline reached $4 a gallon on Monday, July 20, 2026, the first return to that level since June 17. The increase followed a sharp rebound in oil markets tied to renewed U.S.-Iran hostilities and disruptions linked to the Russia-Ukraine war. U.S. crude closed Monday at $83.23 a barrel, while international Brent settled at $89.22, both the highest closing levels in more than a month.

According to NBC, gasoline had recently fallen to $3.79 on July 7 and 8 before rising again over the next two weeks. Both U.S. crude and Brent climbed more than 15% in the prior week and more than 20% over two weeks. Since the beginning of the year, the two benchmarks are up about 45%. NBC linked the latest pressure to the U.S. ending a sanctions waiver on Iranian oil, President Donald Trump declaring a ceasefire with Iran over, and subsequent tensions around the Strait of Hormuz.

The report said the conflict has raised concerns over transit through the Strait of Hormuz, a key route for global energy shipments. NBC cited JPMorgan analysis suggesting Tehran appeared focused on asserting control over navigation rather than fully closing the waterway. Ship traffic through the strait reportedly fell sharply last week, according to MarineTraffic and Kpler data cited by NBC.

NBC also reported that Ukrainian attacks on Russian energy infrastructure are adding to market strain, with HSBC analysts noting Russian restrictions on refined product exports. Jet fuel prices have also risen, with Argus data cited by NBC showing prices nearly 43% above pre-Iran-war levels as of Friday.