Iran-US Tensions Send Global Oil Prices Soaring Amid Ongoing Conflict

The global oil market continues to be volatile due to ongoing tensions between Iran and the US. Iranian Foreign Minister Abbas Araghchi stated that Tehran will not 'give in' on its conditions after President Donald Trump rejected a seven-day roadmap to reopen the Strait of Hormuz.

In response, oil prices are shifting worldwide, affecting gas prices in major US states. On September 27, 2026, the average price of regular gasoline in the United States reached $4.4798 per gallon, according to the American Automobile Association (AAA). This marks a decline from the previous day.

The current oil prices are as follows: Brent crude was trading at $97.47 per barrel, while West Texas Intermediate (WTI) stood at $91.29. Other regional prices include MARS ($125.53), HSFO (Gulf Coast, $76.51), and Louisiana Light ($106.31).

The impact of these fluctuations is being felt in major US cities like New York, Los Angeles, and Texas. On September 27, the average gas price in New York was $4.4927, while in Texas it was $3.9282, and in Los Angeles (California), it was $6.3528.