EIA raises fuel forecasts on Hormuz closure assumption
The EIA expects the Strait of Hormuz to stay shut through May. The agency raised its 2026 gasoline price forecast to 3.88 dollars per gallon as supplies fall.
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The United States Energy Information Administration raised its retail gasoline price forecast to $3.88 per gallon, up 18 cents from April. The revision assumes the Strait of Hormuz remains closed through late May due to Iran's chokehold on the waterway amid its conflict with Israel. Stranded Middle Eastern exports threaten global fuel supplies and pose a political challenge ahead of the November midterm elections.
