Diesel prices fall to $6.29 per gallon, slightly relieving global fuel demand.
Published November 2, 2026
Gasoline prices have fallen amid renewed diplomatic efforts between the US and Israel to end their war on Iran, but remain high ahead of the US midterm elections as the cost of living remains a central issue for voters.
The average price of regular gasoline on Monday was $4.17 for a gallon (3.78 liters), according to the American Automobile Association (AAA), which tracks daily gasoline prices. That’s down 12 cents from this time last week and 23 cents from a month ago.
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By comparison, a year ago this time the price was $3.04, and on February 28, when the US and Israel first attacked Iran, the price was $2.98.
Diesel fuel prices remain high at $6.29 per gallon, but are down 6 cents from this time last week. Diesel prices exceeded $6 a gallon for the first time in September, hitting an all-time high of $6.53.
The average gasoline price so far in President Donald Trump’s second term is expected to exceed $3.46 a gallon on Monday, surpassing the previous record for the presidential administration established under former President Joe Biden, according to a Financial Times analysis of federal data.
Oil prices continue to fall, falling 6% on Monday, as diplomatic efforts between the US and Israel to end the war against Iran continue following face-to-face talks in Qatar over the weekend.
“Oil markets fell sharply this morning as President Trump signaled support for negotiations rather than another attack on Iran,” Patrick de Haan, head of oil analysis at GasBuddy, wrote in a post on X.
The cost of living remains a top concern for American voters heading to the polls. An Associated Press-NORC poll last month found that a majority of Americans think addressing cost of living issues should be a priority for Congress, including 78% of Republicans and 89% of Democrats.
White House Press Secretary Taylor Rogers told Al Jazeera: “Once this conflict ends, gas prices will drop significantly and the terrorist regime in Iran will no longer have a nuclear weapon.” “Protecting America’s national security from the threat of a radical terrorist regime that has been chanting ‘Death to America’ for 47 years was the right thing to do, and President Trump is the only president with the courage to do it.”
Rogers added: “Thanks to the extraordinary work of the U.S. military, more oil is flowing out of the Persian Gulf than before the Iran conflict began.”
On Wall Street, major oil and gas stocks were trending lower in intraday trading. ConocoPhillips fell 3.7%, Chevron fell 2.3% and ExxonMobil fell 3.3%.
Major U.S. indexes were more broadly in positive territory. The Nasdaq rose 0.7%, the S&P 500 rose 0.6%, and the Dow Jones Industrial Average rose 1%.
