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Gas prices likely to exceed $4.60 per gallon in 2026 amid rising oil prices and geopolitical tensions

Market News
14 Sep 2026
CNBC
View Source
Bearish
Gas prices likely to exceed $4.60 per gallon in 2026 amid rising oil prices and geopolitical tensions

U.S. gas prices, currently at multi-month highs due to oil prices above $100 per barrel, are predicted by Kalshi traders to surpass $4.60 per gallon in 2026, exceeding the previous peak of $4.56. There is also a significant chance prices could reach $4.80 or even $5.00, levels last seen in June 2022. Rising tensions between the U.S. and Iran, particularly around the Strait of Hormuz, are pushing oil prices higher and increasing uncertainty about future supply. Traders expect elevated gas prices to persist, with a 50% chance prices remain above $4.25 on the U.S. election day in November 2024.

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