See how quickly gas prices are rising in NJ near you

⛽Gas prices in NJ will keep rising as global oil markets swing wildly

⛽Threats to the Strait of Hormuz are pushing crude back above $100 a barrel

⛽ Rising diesel and summer gasoline blends could drive prices higher for NJ drivers

Gas prices in New Jersey are not expected to drop anytime soon as oil prices remain on a volatile roller coaster ride.

The price of oil jumped to $115 per barrel early in the week but then fell to $80 on comments from President Donald Trump that the conflict with Iran was nearly over. The price per barrel jumped back up over $100 as of Thursday on news that Iran planted naval mines designed to damage oil tankers in the Strait of Hormuz.

DeHaan said that the average price per gallon of regular gas is at about $3.51 in New Jersey and poised to go up with the introduction of summer blends, adding 15-25 cents a gallon. That's up 60 cents from a month ago and still less than the national average of $3.59. Gas was last this high in 2024.

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War in Middle East affecting prices

Gas Buddy petroleum analyst Patrick DeHaan said that the release of 400 million barrels by the International Energy Agency, including 172 million from the U.S. Strategic Reserve, will not do much initially to keep prices down.

"We have a 20-million-barrel hole because of the blockage in the Strait of Hormuz. The problem with a lot of these releases is they're not going to come close to filling that," DeHaan said. "But the problem is like using a straw instead of a garden hose. The rate of return is what matters to the market, and that's why it's not really having much of an effect yet, at least on pushing oil prices lower."

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Diesel costs and refinery maintenance add pressure

Then there's diesel, which impacts nearly everything in New Jersey. Diesel is up nearly $1 per gallon over a month ago.

"Diesel is the fuel that powers the economic engine of the United States. Everything moves with diesel. Agriculture moves with diesel. Trucks move with diesel. Trains move with diesel. Those costs, in some cases, real-time, fuel surcharges, are coming back with a fury."

DeHaan does not share President Trump's optimism that prices will drop below where they were before the conflict with Iran started at the end of February.

"We are not going back down, and by no measure, we are not going fully back down We will be above pre war levels, because in the backdrop, we're making the transition a more expensive summer gasoline that's going to be here in just a couple of weeks. Demand is going up," DeHaan said. "And refineries are going to be doing maintenance. This is something that happens every year that is fully going to prevent prices from going down below where they were prior to this."

DeHaan says that once shipping returns to normal in the Strait of Hormuz, prices in New Jersey will probably decrease gradually below $3 per gallon.

"Every day and every week that we continue to see this blockade, it's going to be harder for gas prices to eventually get down to those numbers. I mean, time is the real enemy here," DeHaan said.

(Includes material Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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