US Gas Prices Soar Past $4 as Iran Tensions Escalate

US national gas prices have topped $4 per gallon for the first time since late May, driven by renewed US-Iran tensions and fears of disrupted oil flows through the Strait of Hormuz. The national average reached $4.003 a gallon on Monday, up 13 cents from the previous week.

Benchmark Brent crude surged as much as 4% to breach $90 a barrel in early Monday trading before paring gains, last trading around 0.5% higher at $88.50. West Texas Intermediate was 0.2% lower at $82.31 a barrel.

Goldman Sachs warned that disagreements over the Strait of Hormuz could see hostilities reignite, even as a pause in fighting had weakened expectations that the conflict would escalate to include significant attacks on civilian and energy infrastructure.