Oil prices settled down more than 7% on Monday, losing more than $5 a barrel after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz, but instead attacked a U.S. military base in Qatar in retaliation for U.

U.S. crude oil futures rallied more than 6 percent to peak at $78 a barrel, more than $1 higher than the price on Jan. 20 when Trump was inaugurated. That jump is likely to filter through to gasoline prices just as drivers prepare to hit the road for the long July 4th weekend next week.