US Gas Prices Hit Record High Amid Ongoing Iran Tensions

US gas prices have hit their highest level for August ever recorded, surpassing $4.06 per gallon on average across the country.

This is a significant increase from last year's prices, with a $1 difference in costs and a $0.05 hike over the past week alone.

The national average price has been inflated since the US-Israel war with Iran began in late February, blocking the Strait of Hormuz, a crucial waterway through which one-fifth of the world's oil passes.

While prices dipped briefly when peace talks between the US and Iran reached a temporary agreement, they have started to rise again as negotiations falter.

On Monday, the US missed its 60-day diplomatic deadline with Iran to end the war, citing disagreements over Iran's nuclear program. President Donald Trump even threatened to bomb Oman if it 'gets in the way' of US interests.