Commodities
US Gas Prices Reach Record Highs on Labor Day Amid War in Iran
Gas prices have hit record highs on Labor Day across the US, with drivers facing an average price of $4.15 per gallon. This is nearly a dollar higher than last year and the steepest Labor Day price for gas on record.
The national average gas price was up 96 cents compared to the same time a year ago, according to GasBuddy. The previous record of $3.83 per gallon was reached in 2012 due to tensions in the Middle East and supply disruptions.
The war in Iran has caused geopolitical volatility and disruptions in the oil supply market, with the effective closure of the Strait of Hormuz. Before the US and Israel launched a joint strike on Iran on February 28, the national average gas price was just below $3 per gallon at $2.98.