The national average price of gasoline in the U.S. rose above $4 per gallon again today, driven by renewed fighting between the U.S. and Iran. The increase follows Washington's reinstatement of a naval blockade in the Strait of Hormuz, a key oil transit route, as tensions escalate. The current price marks an 86-cent increase year-over-year, according to AAA, reversing last month’s brief drop below $4 per gallon, Axios.com reported.
The spike in gas prices comes as President Trump considered expanding U.S. military strikes on Iran during a Situation Room meeting. The U.S. Central Command stated that recent strikes targeted Iran’s attacks on commercial shipping and aimed to degrade Tehran’s military capabilities. The naval blockade has choked tanker traffic through the Strait of Hormuz, a critical artery for global oil shipments, intensifying supply concerns and market volatility, Axios.com detailed.
This development impacts global energy markets by tightening oil supply routes and increasing geopolitical risk premiums. The U.S.-Iran conflict threatens to disrupt crude flows through the Strait of Hormuz, which handles a significant share of the world’s oil exports. The price rise follows a period of relative relief for consumers, who had seen prices dip below $4 per gallon last month. The current average remains below recent peak highs but signals renewed pressure on fuel costs, Axios.com noted.
The national average gas price is now $4.00 per gallon, per AAA data released today. The situation in the Strait of Hormuz remains fluid as military and diplomatic actions continue to unfold, with potential further impacts on global oil supply and prices, Axios.com reported.