US Gas Prices Hit Record High Amid Ongoing Middle East Tensions

The national average gas price in the US has held steady at around $4.10 per gallon, according to AAA data from August 24, 2026. This represents a record high for late August in U.S. history, surpassing any previous year at this point in the calendar.

The elevated crude oil prices are directly tied to the ongoing Middle East tensions, specifically the US-Iran conflict that began in February 2026. West Texas Intermediate crude oil has been trading around $85 to $86 per barrel, well above earlier levels.

Analysts attribute this to a 'geopolitical risk premium' in oil markets, with Reuters reporting that crude oil prices had settled at their highest level in nearly four weeks due to investor concerns about escalating tensions and potential disruptions to shipping through the Strait of Hormuz.