Gas prices top $4 a gallon as Iran war escalates
Summary
Gas prices in the United States have risen above $4 per gallon again due to increased fighting in the Iran war. The conflict has disrupted global oil supplies, especially after Iran closed the Strait of Hormuz, a key oil shipping route.Key Facts
- Gasoline prices increased by 13 cents per gallon last week, reaching an average of $4.003 per gallon.
- The Iran war led Iran to close the Strait of Hormuz, which carries about 20% of the world’s oil.
- U.S. and Iran exchanged military strikes recently, worsening the conflict and raising fears of oil shortages.
- The U.S. has resumed a naval blockade of the Strait of Hormuz after Iran attacked oil tankers there.
- Two U.S. service members were killed in related attacks in Jordan and Iraq.
- Gas prices had briefly dropped below $4 last month after a tentative U.S.-Iran agreement seemed likely.
- Before the war, gas prices last exceeded $4 in August 2022 following Russia’s invasion of Ukraine.
- The Iran war caused one of the largest oil shocks, pushing prices as high as $4.56 per gallon in May.
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