US Gas Prices Hit Record High Amid Ongoing Iran War Tensions

Gas prices have reached an all-time high for this time of year in the US, according to fuel rate tracker GasBuddy. The national average price of gasoline has never risen above $4 a gallon after August 12th in any previous year.

The current average price is sitting just over $4 a gallon, with Patrick De Haan, head of petroleum analysis at GasBuddy, noting that gas prices came close to setting this record four years ago on August 12th, 2022, when the national average price was around $3.98 a gallon.

The high prices are attributed to months of turbulence in the oil markets due to the effective closure of the Strait of Hormuz during the ongoing Iran war, which has disrupted global oil supplies.