Gas prices drop after holiday weekend, but volatility remains
Gas prices have spiked erratically since the U.S. launched a war against Iran in February. This recent dip could change at a moment’s notice, depending on how negotiations unfold.
by Summer Lane | May 29, 2026
Amid the Trump administration’s ongoing negotiations with Iran, gas prices have risen and fallen at an almost frenetic pace, but over the last Memorial Day weekend, the price per gallon fell just a little amid news of continued diplomatic efforts.
According to GasBuddy, the average price of gas nationwide fell 6.6 cents over the past week, bringing it to an average of $4.45 per gallon.
“Much of the decline came after renewed optimism surrounding a potential U.S.-Iran agreement pushed oil prices lower, easing geopolitical pressure on energy markets,” said Patrick De Haan, the head of petroleum analysis at GasBuddy, in a statement.
He continued, “In many states, that drop created breathing room after recent price cycles and allowed pump prices to fall again. While oil continued drifting lower over the weekend on hopes of a deal, new CENTCOM reports involving U.S. defensive strikes highlight how quickly the outlook could change. For now, motorists may continue to see some relief, but it remains too early to know how long the decline will last.”
U.S. forces struck defensively at Iran this week following IRGC attempts to lay mines in the Strait of Hormuz, according to Fox News reporter Jennifer Griffin.
“I am told the US strikes are over for now,” Griffin reported on X. “Again these were defensive in nature not offensive and not an effort to break the ceasefire. The US military says it reacted when they saw 2 IRGC boats laying mines and then also when a SAM missile site targeted its warplanes.”
Since the start of the war, gas prices in the United States have risen by 50 percent, amid the ongoing closure of the Strait of Hormuz, which is causing massive instability in the global oil markets.
Despite a limited downward turn on domestic prices, “volatility remains firmly entrenched, with oil prices still reacting sharply to every new headline tied to negotiations and regional developments,” GasBuddy’s analysis noted.
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