Gas Prices Hit Record High for Labor Day

Gas prices have reached a record high for Labor Day as the national average topped $4.14 per gallon, according to AAA.

This is nearly a dollar more than drivers paid at the same time last year and above the previous Labor Day record of $3.82 set in 2012.

The surge in prices can be attributed to disruptions tied to the conflict with Iran and reduced traffic through the Strait of Hormuz, which connects the Persian Gulf with global markets and normally carries a significant share of the world's oil supply.

Tom Seng, a professor of energy finance at Texas Christian University, said that everything points to the Iran war and the Strait of Hormuz as the main causes for the increased prices.