United States Oil Fund rises 5.3% as oil spikes
The United States Oil Fund rose 5.3% to $140.75 on Tuesday as oil prices spiked on news of new U.S. attacks on Iran.
Rising gas prices continue to be a big topic across the country, one that has President Donald Trump meeting with oil executives on Tuesday and trying to get more oil from Venezuela.
Here’s a look at some of the states hit the hardest.
Rising Gas Prices The month of August 2026 set a new record with the national average for gasoline coming in at $4.056 per gallon.
This broke the previous record set in 2022, which was $3.940 per gallon.
The new increases in gas prices mean Americans paid $10.51 billion more in August 2026 for gas than they did in August 2025, according to data from gas analyst Patrick De Haan.
While every state has seen higher gas prices since the war in Iran began months ago, De Haan recently shared a list of the 15 states that have seen the largest average per-gallon price increases since Feb.
28, 2026, when the attacks began.
Here are the 15 states, listed with the largest increase and the average price per gallon on Aug.
31, 2026: Utah: +$1.645 increase, $4.363 Idaho: +$1.625, $4.575 Montana: +$1.618, $4.390 Wyoming: +$1.606, $4.296 Colorado: +$1.395, $4.223 North Dakota: +$1.318, $3.896 Alaska: +$1.310, $4.862 South Dakota: +$1.295, $3.924 Connecticut: +$1.281, $4.182 Iowa: +$1.268, $3.902 New Mexico: +$1.263, $3.989 Kansas: +$1.239, $3.776 New Hampshire: +$1.233, $4.078 Maine: +$1.228, +$4.129 Rhode Island: +$1.226, $4.126 The list shows that the Rockies region has been among the hardest hit, with states like Utah, Idaho, Montana, Wyoming, Colorado, and the Dakotas all ranking in the top 10.
The other region that looks to have been hit hard is New England, with states like Connecticut, New Hampshire, Maine, and Rhode Island all ranking in the top 15.
These states likely rank high on the list because they are far from key refining locations, and transportation takes longer and is more costly to get gasoline to them.
Read Also: Trump Says Venezuela Oil Will Cut Gas Prices, But This Analyst Warns of a Big Problem: 'There's Really No More Room for…' What’s Next De Haan predicts the Labor Day holiday will set new gas price records this year, with no huge easement in sight.
In Fact, oil prices are spiking higher on Tuesday with news of new attacks by the United States on Iran.
Higher gas prices have consumers weighing options like cutting back on spending on other items, such as groceries and food out.
Consumers are also increasing their frequency of visits to gas stations at membership warehouses like Costco and Sam’s Club, where members get a discount on gas.
USO Stock Price Action The United States Oil Fund (NYSE: USO ) is up 5.3% to $140.75 on Tuesday versus a 52-week trading range of $65.99 to $154.08.
Read Also: Trump Calls Venezuelan Oil a 'Gift' to Americans, Says It Will Refill Strategic Petroleum Reserve Biden 'Virtually Emptied' Image via Shutterstock/ Jeff McCollough