Home Economy Economic Activity R.I., Mass. gas prices soar as Iran war enters 10th week

R.I., Mass. gas prices soar as Iran war enters 10th week

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PBN Staff

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05/04/2026

US Gas Prices — THE AVERAGE weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 31 cents to $4.39 per gallon, according to AAA Northeast. / AP FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island jumped 31 cents to $4.39 per gallon, AAA Northeast said Monday. That price is 6 cents lower than the national average but $1.43 more than it was in Rhode Island a year ago. Gas prices and oil prices are marching upward

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island jumped 31 cents to $4.39 per gallon, AAA Northeast said Monday. That price is 6 cents lower than the national average but $1.43 more than it was in Rhode Island a year ago. Gas prices and oil prices are marching upward while global supply disruptions worsen as the U.S. war with Iran enters its 10th week, the agency said.

Crude oil and refined product prices climbed sharply last week, reaching multi-year highs after the U.S. initiated a blockade of the Strait of Hormuz. Domestically produced West Texas Intermediate ended the week $7.54 higher and Brent crude rose $2.84 as markets digested the latest updates about the potential for future peace talks and the eventual reopening of the strait. Before the war, 125 to 140 oil tankers passed through the straight daily. Between May 1 and 3, seven completed the passage, according to the Hormuz Strait Monitor.

Plus, as higher oil prices keep the pressure on pump prices, tightening domestic stockpiles of crude and gasoline are fueling price increases, the agency said.

“All the factors that drive the cost of gasoline have been heading toward higher prices,” said Jillian Young, director of public relations for AAA Northeast. “Along with higher oil prices, gasoline demand has held strong and U.S. exports are shattering records, leading to tighter inventories. Oil and gas markets will remain volatile amid ongoing uncertainty about a potential end to the war and resumption of vessel traffic through the Strait of Hormuz.” Midgrade gas in Rhode Island averages $5.01 per gallon, premium gas averages $5.43 per gallon and diesel fuel averages $5.68 per gallon. In Massachusetts, the average weekly price of self-serve, regular unleaded is up 34 cents at $4.45 per gallon. That price is 10 cents less than the national average but $1.37 higher than it was a year ago. Midgrade gas in the Bay State averages $4.86 per gallon, premium gas averages $5.26 per gallon and diesel fuel averages $5.82 per gallon.