Labor Day Travelers Face Higher Gas Prices Amid Ongoing Global Uncertainty

Gas prices have begun to rise as Labor Day travelers take to the roads, according to AAA. The national average for regular gasoline is now at $4.10 per gallon, up from roughly $4.08 a day earlier.

The increase in gas prices can be attributed to higher crude oil prices, which are being affected by ongoing uncertainty surrounding the conflict with Iran. Disruptions to oil shipments through the Strait of Hormuz have previously contributed to sharp swings in global crude prices.

Meanwhile, President Donald Trump has announced an agreement involving Venezuela's oil reserves. The U.S. has secured majority control of more than 65 billion barrels of Venezuela's proven reserves through a partnership with private business.