Economic analyst Henrietta Treyz told MS NOW that gas prices will continue to climb until September because of President Donald Trump’s Iran War:
At the earliest, you’re not getting regular flow through the Strait of Hormuz until September, so my calculation is that, on the trajectory we’re at right now, we should be expecting $4.90 gas by the end of next week. We are on track to get to $5 or even above by Memorial Day.
ALEX WITT: You're saying how long until we get something with a $2 in front of it per gallon of gas? You're saying years??@HenriettaVeda: I'm saying years. It's gonna be years. pic.twitter.com/ROu8djYmR1
— Alexander Willis (@ReporterWillis) May 2, 2026
Even if you take out the 300% increase in insurance costs [for oil tankers] and you clear the backlog of ships, you have to deal with the reality that 80 of the largest refiners and energy producers on the earth have been bombed, including the world’s largest [liquefied natural gas] facility.
So it’s going to be not just that long to get the strait cleared, but years until those facilities are back up and running and we’re near anything with a $2 in front of it for gas.
(Source: MS NOW)