US gasoline prices have traded near $4.40–$4.50 per gallon in late September 2026 amid elevated crude benchmarks above $100 per barrel, driven by lingering geopolitical tensions around the Strait of Hormuz and Iran-related supply risks. Record domestic crude output, high refinery runs near 97% of capacity, and ample inventories have capped further upside, while seasonal demand softening and resolved pipeline issues have eased near-term pressure. LNG export strength and storage levels above the five-year average continue to influence related natural gas benchmarks around $3.00–$3.03 per MMBtu, though retail gasoline dynamics remain more sensitive to crude and refinery margins. With the September resolution window closing, trader focus centers on any final inventory data or weather-driven demand shifts that could alter the month-end average.