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Oil transit is rebounding — but fresh hurdles arrive

Ukraine's drones take the war to Russia

Whats Next

Axios What's Next

Don't expect pre-war gas or airfare prices any time soon

A set of line charts showing the change in the price of Brent crude oil  after select events. It shows the change daily, from one day before the event to 100 days after. The Iran War, started on Feb. 28, 2026, spiked Brent crude prices to up to 94% higher than the pre-war baseline. This is higher than any event shown except for Iraq's invasion of Kuwait in 1990 (+108%). 

Change in the price of Brent crude oil in the 100 days following select events

Data: U.S. Energy Information Administration; Chart: Erin Davis/Axios Visuals

Rise in gas prices caused "financial hardship" for two-thirds of households surveyed

A side-by-side graphic featuring two related line charts. On the left, the share of U.S. adults saying that gas price increases have caused financial hardship, with 67% in 2026. On the right, the average price of regular unleaded gasoline, which reached $4.05 as of June 2026, showing a mostly upward trend.

Gas prices

Data: Gallup and U.S. Energy Information Administration. Chart: Danielle Alberti/Axios

Macro

Axios Macro

Why the Iran oil shock hasn't walloped U.S. growth

A line chart that shows oil expenditures as a share of U.S. GDP each year from 1980 to 2024, including household and business spending. The share peaked at 8.3183% in 1980 and fell to a low of 2.3608% in 2020. It rose to 4.0382% in 2022, then eased to 2.9102% in 2024.

Oil expenditures' share of U.S. gross domestic product 

Data: Federal Reserve Bank of Dallas; Chart: Ben Geman/Axios

Trump threatens DOJ probe of oil companies

UN to evacuate 11,000 stranded sailors from Strait of Hormuz

Gas dips below $4 a gallon after months of pump pain

A line chart that tracks average U.S. regular gasoline prices, in dollars per gallon, from Jan. 1 to June 18, 2026. Prices fell to a low of $2.7951 on Jan. 11, then climbed steadily to a peak of $4.5641 on May 21 before easing to $3.9987 on June 18.

Average U.S. regular gasoline prices

How the Iran war energy crisis defied expectations

U.S. oil stockpile falls to 43-year low

A line chart that tracks weekly crude oil held in the U.S. Strategic Petroleum Reserve from Aug. 20, 1982, to June 5, 2026. Stocks range from 270.5 million barrels to 726.6 million. The reserve reached 665.7 million in August 2004 and stood at 349.2 million in June 2026.

Barrels of crude oil in the U.S. Strategic Petroleum Reserve

Data: U.S. Energy Information Administration; Chart: Emily Peck/Axios

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