Gas Prices Peak as Brent Holds Above $108

Brent crude futures hovered around $109.99 before retreating from five-month highs, as Middle Eastern supply recovery offset disruptions in energy infrastructure and shipping routes. US Energy Secretary Chris Wright stated that gasoline and diesel prices have reached their peak, signaling a potential decline in pump prices. He acknowledged consumer frustration but emphasized ongoing efforts to address the issue. The national average for diesel prices fell to $6.319 per gallon, down from a previous high of $6.50, while regular gasoline prices dropped to $4.295, still above the $4 threshold. Wright noted that Gulf oil flows have recovered to 80% of pre-conflict levels, though refining constraints persist due to global refining challenges and ongoing attacks on Russian refineries.