U.S. Energy Information Administration

Iran threatened to close the Strait of Hormuz in June 2026, spiking global oil prices, but the U.S. depends on the strait for only 2% of its petroleum, while Asia relies on it for up to 90% of crude i…

U.S. gas prices surged to $4.48 per gallon in May 2026, a 59% jump since January, driven by the Iran war and Strait of Hormuz closure, but adjusted for inflation they remain below the 2008 record of $…