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Gas prices likely to stay above $3.50 through Nov amid US-Iran tensions, traders say

Market News
09 Jul 2026
CNBC
View Source
Bullish
Gas prices likely to stay above $3.50 through Nov amid US-Iran tensions, traders say

Due to renewed conflict between the U.S. and Iran, traders on Kalshi predict a 75% chance that gas prices will remain above $3.50 per gallon by November 3, with a 39% chance prices exceed $3.75. This marks a significant increase from before the conflict when prices were below $3 per gallon. The ongoing instability in the Strait of Hormuz and rising oil prices, which recently hit $75 per barrel, are key factors driving these expectations. However, traders see only a 43% chance that prices will surpass the 2026 high of $4.60 per gallon this year, indicating some caution despite the current volatility.

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