California Gas Holds $6.01/Gal as Imports Plunge on Iran Supply Crunch

California's average gasoline price remains pinned at $6.01/gal—the highest since October 2023—amid a sharp drop in imports to 75,000 bpd from 195,000 bpd, U.S. exports hitting 834,000 bpd, and Strait of Hormuz disruptions from the Iran war. WTI crude rallied to $110.50/bbl with Brent over $126/bbl, lifting national gas to $4.34/gal, the highest since July 2022, and diesel to $7.48/gal in California. Prices are up 28% since the conflict began, adding $21.7 billion in U.S. fuel spending since March 1 and fueling 0.7% monthly PCE inflation as the Fed holds rates amid persistent energy pressures.