WTI December Futures Rise 2.05% to $99.83 Amid Iran War

As Iran war-induced Energy shocks continue to hit American consumers, GasBuddy analyst Patrick De Haan says the excess dollars spent on Gas by Americans could buy hundreds of thousands of houses. America’s Near-$139 Billion Gas Surplus In a post on the social media platform X on Tuesday, De Haan highlighted the growing strain on household budgets due to higher prices at the pump. According to the analyst, Americans spent an extra $138.8 billion on gasoline and diesel since March 1.

“That’s roughly the same as buying 337,897 homes at the median US home price of $410,700,” he said, adding that the houses could accommodate a population of 845,000 to 860,000 people, which is comparable to the entire resident population of Indianapolis, Indiana. Americans have now cumulatively spent $138.8 billion more on gasoline and diesel since March 1st. That's roughly the same as buying 337,897 homes at the median US home price of $410,700 each, housing a population of 845,000-860,000 people- similar to Indianapolis, IN.

— Patrick De Haan (@GasBuddyGuy) October 20, 2026 According to data from the American Automobile Association (AAA), the national average price for a gallon of gas on Wednesday was $4.2644, which illustrated a marginal decline from Tuesday’s average price of $4.2786/gallon. On the diesel front, prices remained above $6/gallon, at $6.3174. Read Also: Elizabeth Warren Slams Social Security’s $75 COLA Raise, Says It ‘Barely Covers a Tank of Gas,’ As Bernie Sanders Pushes to Expand Benefits Iran Says No Negotiations Amid rising tensions, Iran’s Security Chief Mohsen Rezaee warned that there would be no negotiations between the U.S.

and Iran to reopen the Strait of Hormuz and to deter its nuclear efforts until the U.S. and President Donald Trump agree to fulfill Tehran’s seven conditions, including sanctions relief and more. Meanwhile, Obsidian Risk Advisors ‘ Managing Principal Brett Erickson warned that Iran’s new list of 122 vessels that it sees as non-compliant could point to Tehran targeting ships beyond the Strait of Hormuz and into the Persian Gulf and the Gulf of Oman. Oil Movement At the time of writing this article, the West Texas Intermediate (WTI) crude futures contracts ending in December 2026 surged 2.05% to $99.83.

Brent futures contracts ending in December surged 1.65% to $110.58 at press time. The United States Oil Fund (NYSE: USO ) gained 1.62% to $163.24 during pre-market trading on Wednesday, while the ProShares Ultra Bloomberg Crude Oil (NYSE: UCO ) ETF rose 1.80% to $64.50 during pre-market trading. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors. Read Also: Top Oil Analyst Warns Iran Escalation Risk Could Rise After Midterm Elections, Says ‘Finish-the-Job’ Camp Is Pushing Trump as Brent Crude Hits 5-Month High Check out more of Future Of Mobility coverage by following this link.

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