If you've been doom-scrolling social media this weekend, you might have seen someone warning that gas prices are about to hit $7 a gallon. GasBuddy analyst Patrick De Haan has a message for you: take a breath.
In a post on X on Saturday, De Haan responded to a user who predicted that the national average would reach $7 by the end of next week, urging people to fill up before the hike. De Haan's reply was blunt: "I definitely don't see this remotely possible at all." He also added that he didn't see prices hitting $5 during the same period.
The panic stems from President Donald Trump's latest comments on Iran. After rejecting an Iranian peace proposal, Trump posted on Truth Social: "For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them. TIME IS OF THE ESSENCE!" The message sent oil prices surging across markets.
When a user asked De Haan about Trump's comments, he kept it simple: "If something warranted a comment I would comment."
What's Actually Happening in the Middle East
The situation is undeniably tense. A drone strike triggered a fire near the UAE's Barakah nuclear power plant, though authorities reported no radiation leaks or injuries. Saudi Arabia said it intercepted three drones entering from Iraqi airspace. Meanwhile, Iran has proposed managing the Strait of Hormuz through an insurance-based model, according to state media.
Trump earlier shared that Chinese President Xi Jinping had agreed the Strait of Hormuz should be reopened, Reuters reported on Saturday. Xi hasn't commented on Iran since their meeting. Trump also said that curbing Iran's nuclear activities would take precedence over addressing cost-of-living concerns for ordinary Americans. "That's a perfect statement. I'd make it again," Trump said.
The Numbers: Oil and Gas Prices Right Now
Despite the geopolitical noise, the national average price for a gallon of gas actually declined slightly to $4.513 on Sunday, according to AAA data. Diesel averaged $5.646/gallon. Californians are still paying the most, with gas over $6.143/gallon.
Oil prices are elevated: West Texas Intermediate (WTI) crude traded at $107.5/barrel, while Brent crude was at $111.1/barrel. The United States Oil Fund (USO), which tracks WTI, edged up 0.08% to $148.35 in after-hours trading on Friday.
So no, $7 gas isn't coming next week. But with the Middle East on edge and Trump's ticking clock, the oil markets are far from calm.
