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Commodities

US Gas Prices Reach Record High on Labor Day Amid Iran Conflict

Guavy AI Editorial Team
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Oil
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The national average price for regular gasoline reached a record high of $4.15 per gallon on Labor Day, according to AAA.

This surpasses the previous Labor Day record of $3.82 per gallon set in 2012.

Higher crude oil prices are one of the main reasons gas prices remain elevated, with Brent crude trading at around $97 per barrel and West Texas Intermediate at $92 per barrel.

The Iran war has disrupted global oil supplies, particularly through the Strait of Hormuz, which is a critical route for oil tankers.

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