U.S. gasoline prices have climbed above a national average of $4 a gallon, marking the highest price since August 2022. The surge comes as the conflict involving the U.S., Israel, and Iran continues to disrupt global energy markets.
The increase is a visible sign of economic pressure for consumers, with prices rising significantly in the past month following initial attacks and Iran’s response which has effectively limited oil flow from the Persian Gulf.
Data from GasBuddy indicates the $4 milestone was last reached following Russia’s invasion of Ukraine. Additionally, reports suggest Iran is considering a fee for ships traversing the Strait of Hormuz, potentially further impacting global oil costs.