The price of oil has been jumping back and forth every time there seems to be a possibility of a resolution between the United States and Iran, but as of May 31, 2026, it seems like a resolution is still not in the horizon. CNBC reported that the price of oil jumped nearly 8% on Monday, June 1, 2026. This comes after Iranian state media reported that Tehran will halt talks with the United States and therefore completely close the Strait of Hormuz as a direct response to Israeli attacks to Lebanon.
This news doesn’t come as a complete surprise, but it is just the latest blow to what has been a challenging financial year for many business owners and people across the United States and around the world. According to Business Insider, Brent crude has now jumped 7% to around $97 a barrel, while West Texas Intermediate (WTI) crude surged 8% to $94 a barrel.
With crude oil being the primary input for gasoline and diesel, these fluctuating crude prices can be felt at the pump by working Americans nationwide. The average price for unleaded in San Diego County has jumped to $6.03, while diesel has gone up to $7.29 according to AAA. This time last year the price of unleaded in San Diego County was $4.77 and diesel was $5.07.
With how uncertain peace talks have been, Jorge León, geopolitical analyst at Rystad Energy, did bring up the worst-case scenario to prepare people. If there is no deal and fighting restarts between the U.S. and Iran, we could be seeing a scenario where crude jumps to $180 a barrel by August. Goldman Sachs on the other hand is forecasting $90 per barrel for the Brent crude benchmark and $83 a barrel for the WTI crude benchmark but does note that any supply disruptions could push prices higher.
So, what does that all mean for businesses? The price at the pump will continue to be volatile and high, but there is a way to be more strategic about savings. With an Energie Fuel card, businesses with fleets can receive access to competitive wholesale pricing or one who’s running a large commercial fleet. By making smarter purchasing decisions and rerouting to fuel at only wholesale sites, you will start noticing some savings during these unprecedented times.
No matter how the market shifts, Energie Fuel empowers businesses to make smarter fuel decisions. With the Energie Fuel Card, you gain access to competitive fuel pricing, simplified expense management, and valuable insights that help keep your fleet moving efficiently. Contact us today to learn how the Energie Fuel Card can support your business.