Price at the Pump: Uncertainty Is The Name Of The Game

After the United States resumed strikes on Iran, oil prices have moved higher again.

“Quite a bit of uncertainty over what things are going to look like here in the weeks ahead and how long the escalations will continue," said Patrick DeHaan with Gasbuddy.com. "And then also that wild card of Russia's refineries being attacked and, of course, hurricane season all playing into a bit of volatility that suddenly has returned globally.”

DeHaan noted that investors are not just focused on the Middle East, but also concerned with the escalation between Ukraine and Russia.

Diesel Prices Dipped This Week, But How Long Will That Trend Continue?

In Tuesday’s trade both West Texas and Brent Crude were trading higher, and above the $80 a barrel threshold at $80 and $86 a barrel respectively.

Despite the recent increase in oil prices, diesel prices across the Northwest decreased slightly this week. Washington’s average slipped to $5.83 a gallon, down two cents, Oregon’s dropped a penny down to $5.29 a gallon, while Idaho’s prices for diesel held steady at $4.70 a gallon.

Will We See The Highest Oil Prices Of The Year In The Coming Months?

With military action taking place in both Iran and Russia, does that mean we’ll see oil prices move higher than what we saw back in April, the highwater mark for 2026?

“We're still kind of actively seeing escalations," DeHaan said. "President Trump warning today that he is going to toll ships going through the Strait [of Hormuz] 20%, which would be a massive tax on oil and refined products through the Straigt. So, there's a lot of risk, and that's building in the backdrop. And that could continue to weigh negatively, sending oil and refined product prices up sharply. And how Iran retaliates could also be impactful, whether or not they attack refineries in the Middle East, whether the strait is closed or open. Just a lot on the table impossible to know how everything's going to eventually jive.”