Iran War Drives US Gas Prices Above $4 Per Gallon

U.S. gasoline prices have surged to more than $4 per gallon for the first time since 2022, driven by rising oil prices amid the ongoing U.S./Israel war with Iran.

The average national gas price was $4.02 per gallon on Tuesday, March 31, according to AAA's Fuel Gauge Report, a 35% increase from pre-war levels of $2.98 per gallon.

The Strait of Hormuz, which accounts for 20% of the world's oil flows, has been restricted due to Iranian threats and strikes on oil tankers and cargo ships.

International oil prices (Brent) traded at over $118 per barrel on Tuesday, a 63% increase since the Iran war began in late February.