US Gas Prices Surge Above $4 as Iran Conflict Escalates
Global oil prices and US gas prices have seen an increase following the escalation of hostilities between the United States and Iran. The price rise marks a reversal from the decline in prices that occurred after the signing of a peace plan to end the war between the two countries in June.
The average US gas price has risen above $4 per gallon, according to AAA data. This comes after a period where gasoline prices dropped below $4 for the first time since March 30, following the signing of the peace plan.
CNN is tracking oil and gas prices as well as traffic through the Strait of Hormuz, a vital waterway for transporting crude oil to the rest of the world. The data shows that during the war with Iran, gasoline prices reached their highest level in more than three years.