The surge in oil prices amid escalating tensions in the Middle East has caused a spike in gas prices, with GasBuddy analyst Patrick De Haan saying the situation has gas very close to reaching $4/gallon again.

Peak Summer Surge

In a post on X on Thursday, De Haan said that the national average price of gas was "pennies from reaching $4/gal" and that the average price of diesel had crossed the $5/gallon threshold. He also said that oil prices were slightly under $80/bbl when he made the post.

"Today, at the peak of summer, Americans spent $308 million more on gasoline than a year ago," he said in the post, outlining the sharp increase in prices at the pump compared to last year.

American Automobile Association (AAA) data showed that the national average price of gas on Thursday was $3.9430/gallon, slightly under the $4.0440/gallon average price from a month ago. Diesel crossed $5 on Thursday, averaging at $5.0050/gallon, more than $1 higher than a year ago.

California Not Running Out of Diesel, Jet Fuel

In a separate post, the analyst dismissed claims about diesel shortages in California. "It's been 6 weeks since California was supposedly '4 weeks from running out of jet fuel and diesel,'" the analyst said.

He quoted a post by user @WallStreetMav on X, which said that the Gov. Gavin Newsom-led (D-CA) state had only four weeks' worth of diesel and jet fuel supplies left. "LAX is still open. trucks are still rolling. fuel is still flowing," the analyst said in the post.

Trump Touts Venezuelan Oil, Strait of Hormuz Alternatives

President Donald Trump, during a state address, said that the administration was working with the Venezuelan government to produce millions of barrels of oil.

He had earlier said that the U.S. was building pipelines in Alaska and Texas as alternatives to the Strait of Hormuz after saying that the U.S. would not seek a 20% fee on vessels traveling through the waterway after Gulf states agreed to invest billions into the U.S.

Meanwhile, the U.S. Central Command (CENTCOM) carried out fresh strikes against Tehran, targeting Iranian military infrastructure on Thursday.