US-Iran Tensions Send Gas Prices Soaring Again

Gas prices are rising as tensions between the US and Iran continue to escalate. The global oil market is feeling the strain, with crude prices remaining volatile. President Trump claims that the US has full control of the Strait of Hormuz, but stalled peace talks are keeping pressure on prices.

The national average for regular gas jumped three cents Wednesday, reaching $4.04 a gallon according to AAA. Oil prices were already under pressure after recent optimism had pushed them lower, but tougher rhetoric from Iran sent them back up. The Strait of Hormuz is a critical waterway through which roughly one-fifth of the world's oil moves.

Maritime traffic has been severely disrupted since the conflict began, squeezing global energy supplies. Despite efforts to increase production in the US and waive the Jones Act, relief at the pump may not come immediately. Even if the Strait reopens, a return to normal could take time.