July 8, 2026, 2:53 p.m. ET
- President Donald Trump said Wednesday of the ceasefire with Iran: “I think it’s over.”
- The Michigan average for gas fell to $3.89 a gallon on Wednesday, but crude oil prices are rising.
- Gasoline prices tend to track crude oil prices and move quickly.
Motorists might want to fill up on gas this week, before gas prices go up — again.
In Michigan, the statewide average for gas fell to $3.89 a gallon on Wednesday, July 8, down 2 cents from Tuesday’s average, according to AAA.
At the same time, however, with the U.S.-Iran truce seeming to unravel, crude oil prices were on the rise, an indication that gasoline prices likely will follow suit.
Of the truce with Iran, President Donald Trump said Wednesday that “I think it’s over.” He told reporters at the NATO summit in Turkey that the United States “hit [Iran] very hard last night” and “we’re going to hit them hard again tonight.”
He also suggested the U.S. Navy may again blockade Iranian ports.
Oil prices, which are tied to gasoline prices, went up Wednesday, trading at more than $78 a barrel, the highest they have been in more than two weeks, but still lower than they were at the peak of the conflict.
It’s unclear how much gas prices might rise or when. Gasoline prices tend to follow crude oil prices and move quickly, but crude oil prices aren’t the only factor in pricing at the pump.
Trump accused major oil companies and retailers of price gouging.
Patrick De Haan, the head of petroleum analysis at GasBuddy, posted an alert on social media saying “#GasPrices appear to be rising to $3.99/gal in #Michigan today.”
He also said an end to the ceasefire with Iran could push the national average to $4 a gallon.
By Monday, average gas prices in Michigan had fallen below $4 a gallon for the first time since April. Prices are still significantly higher than they were about a year ago.
The Mideast escalation could derail efforts to ship oil through the Strait of Hormuz, a key waterway for oil shipping. About one-fifth of the world’s oil passes through the strait.
Contact Frank Witsil: 313-222-5022 or [email protected]
Source: Original Article
