Commodities
US-Iran War Drives Gas Prices to New Mid-August Highs
Gas prices in Oregon have increased by five cents over the past week to $4.72 per gallon, their highest price for mid-August since 2022 and second-highest on record for the state.
The national average for regular gasoline rose to $4.07 a gallon, also its highest price ever for mid-August.
The elevated crude oil prices are being attributed to the ongoing war with Iran and the closure of the Strait of Hormuz, which remains closed, restricting shipping traffic through the narrow passageway.
According to AAA Oregon/Idaho's Marie Dodds, 'Elevated crude oil prices are keeping pump prices higher than normal for this time of year.'