US Gas Prices Soar to Mid-August Record Amid Ongoing War with Iran

The US national average price for regular gasoline has hit a mid-August record of $4.06, according to the American Automobile Association. This is more than 92 cents higher than last year and double the $1.85 recently promised by President Donald Trump.

The disruption in global energy supplies due to the ongoing US-Israeli war on Iran has led to severe price hikes. The Strait of Hormuz, a crucial global energy artery, has seen only five vessels traverse it over the weekend, with most shipping opting for an alternative route.

As a result, Brent crude was trading near $89 per barrel and West Texas Intermediate above $82 on Monday. US households have collectively spent an additional $56.4 billion on gasoline over the past six months, averaging around $477 per home.