Last Updated on April 12, 2026 11:26 am
Gas prices across the High Country held at $3.88 per gallon this week, as a fragile U.S.-Iran ceasefire announcement sent oil markets sharply lower — raising hopes, but not yet guarantees, of relief at the pump.
Here's where prices stand as of Sunday, April 12, 2026:
- Boone Area (Regular): $3.88/gallon
- Diesel (Local Low): $5.69/gallon (Speedway, Banner Elk)
- Diesel (Most Stations): $5.79/gallon
- North Carolina Average: $3.90/gallon
- National Average: $4.13/gallon
Prices have risen more than $1.10 per gallon since February 26, when the national average stood near $2.98, driven by the ongoing conflict between the United States and Iran and the disruption of oil shipping through the Strait of Hormuz — a waterway through which roughly 20 percent of the world's oil supply normally flows.
President Trump announced a two-week ceasefire with Iran on Tuesday night, April 8. Oil prices plunged more than 15 percent in the hours that followed. Patrick De Haan, head of petroleum analysis at GasBuddy, said pump prices could begin easing by a few cents per day and that the national average could fall below $4 per gallon within one to two weeks — if the ceasefire holds.
“Gas prices could start reversing nationally in 48 hours or so — by a few cents every day,” De Haan wrote on X Tuesday night.
But analysts cautioned drivers not to expect quick or dramatic relief. The Strait of Hormuz situation remains unsettled. Iranian media reported tanker traffic was suspended again after Israeli strikes on Lebanon, and experts noted that even if the waterway fully reopens, energy supply will not be restored overnight.
“Prices go up like a rocket, and they fall like a feather,” said Shon Hiatt, director of the Energy Initiative at USC Marshall School of Business, in published reports.
WataugaOnline publishes a weekly gas prices report. Prices are sourced from GasBuddy and AAA and may vary by location and change after posting.
Sources: GasBuddy, AAA Carolinas, CBS News, ABC News, The Hill
