Commodities
US-Iran Tensions Send Gas Prices Soaring to $4.08
As the Labor Day weekend approaches, gas prices are on the rise. The national average for a gallon of regular gas has increased to $4.08, up one cent from the previous day, according to AAA.
The increase in gas prices coincides with a rise in crude oil prices due to renewed tensions between the U.S. and Iran. Brent crude, the international oil benchmark, climbed by 3.4% this morning, reaching just over $91 per barrel.
The ongoing conflict has kept energy prices high since the U.S.-Israel war with Iran began earlier this year, blocking the Strait of Hormuz, a vital oil passageway.