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US Gas Prices Surge Past $4.50 as Middle East Tensions Mount

Guavy AI Editorial Team
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US gasoline prices have surpassed $4.50 a gallon for the first time since July 2022, as tensions in the Middle East continue to disrupt global oil supplies.

The average price of gasoline in the US rose to $4.52 a gallon on Tuesday, according to data from GasBuddy, with California having the highest average pump price at $6.14 a gallon.

The Strait of Hormuz shutdown has been pushing up oil and gasoline prices, with refinery issues also contributing to the increase, said Patrick De Haan, a GasBuddy analyst.

Morgan Stanley warned that if the Strait of Hormuz does not open, gas prices this summer could stay above $4.50 a gallon.

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