Average US gasoline prices have reached a new high of $4.23 per gallon, the highest level since 2022 and a record since the start of the war with Iran. Current pump prices are significantly higher than a year ago, when the average ranged from $3.15 to $3.16 per gallon. Overall, gasoline costs have risen $1.20 since the conflict in the Middle East began on February 28.
The surge is attributed to a blockade threat in a vital strait and the stance of Trump. Prices have continued to rise as negotiators remain gridlocked over the reopening of the Strait of Hormuz and US-Israeli peace talks with Iran have reached a standstill.
Brent crude, the benchmark that influences US gasoline prices, has climbed to $114.60 a barrel. This represents an increase of nearly 25% from the recent low recorded in mid-April.
These prices mark a four-year high. The last time average US gas prices exceeded $4.15 a gallon was in April 2022, when oil prices soared following the Russian invasion of Ukraine.