A gas pump at a Sinclair station along CA-111 in Palm Desert, Calif., Tuesday, June 30, 2026. Oil prices spiked on July 8 to their highest levels in weeks after President Donald Trump said the ceasefire between the United States and Iran was "over," renewing concerns that U.S. consumers could face higher gas prices just as they had begun to expect relief. Brent crude oil, the global benchmark, jumped 6% to $74.50 per barrel.