Oil and refined product prices tumbled last week on signs of progress in the latest round of peace talks and reports of several tankers successfully transiting the strait. Domestic West Texas Intermediate (WTI) ended the week nearly $9 a barrel lower, and Brent crude fell by nearly $6 a barrel, alongside similar declines for gasoline and other refined products in futures markets. Prices edged even lower in early trading on Sunday after the release of official U.S. and Iranian statements citing progress in the talks, but a new round of U.S. attacks on Iranian targets on Monday will keep uncertainty at the forefront this week.
As oil prices declined last week, data from the Energy Information Administration (EIA) show U.S. oil and gasoline inventories followed suit, tightening despite near-record production. Steady demand for gasoline ahead of the Memorial Day holiday weekend led inventories to fall for a 14th straight week, declining by 1.5 million barrels to 214.2 million barrels —11.4 million barrels below this time last year and 5% below the seasonal average. Crude supplies fell by nearly 18 million barrels to the lowest level since mid-June of last year on strong export demand. Exports rose by 112,000 barrels a day to 5.6 million barrels a day, 2.1 million barrels a day higher than this time last year.
“As gasoline prices hover near four-year highs, oil and gas market participants continue to cautiously monitor ongoing peace talks between the U.S. and Iran,” said Jillian Young, director of public relations for AAA Northeast. “Until a firm deal is reached and the Strait of Hormuz fully reopens, markets will likely remain volatile.”
AAA’s May 26 survey of fuel prices found the national average decreased 4 cents from the previous week ($4.53), averaging $4.49 per gallon. The May 26 national average price was 40 cents higher than a month prior ($4.09) and $1.32 higher than last year ($3.17).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $4.61 | $4.64 | $4.19 | $3.11 |
| Massachusetts | $4.48 | $4.49 | $4.02 | $3.01 |
| New Jersey | $4.49 | $4.50 | $4.07 | $3.06 |
| New York | $4.58 | $4.61 | $4.17 | $3.12 |
| Rhode Island | $4.44 | $4.48 | $4.06 | $3.01 |
*Prices as of May 26, 2026
As of May 26, Indiana and Mississippi had the lowest prices in the nation at $3.89 and $3.95, respectively. California and Washington had the highest prices in the nation at $6.10 and $5.75, respectively.
The AAA Gas Prices website is your resource for up-to-date fuel price information. Search for average gas prices on national, state and metro levels by regular, plus, premium and diesel.
Last updated on May 28, 2026 by AAA Staff
Based in Rhode Island, Jillian Young is AAA Northeast’s director of public relations. She regularly appears in local TV, radio and print media to discuss traffic safety, travel, insurance and more.
