In brief
As the Iran war escalates, fuel prices in the United States have jumped significantly, marking a national average of $4.02 per gallon. This is over a dollar increase since the war began and the highest since the aftermath of Russia's invasion of Ukraine. The conflict has disrupted supply chains and caused volatility in the crude oil market, putting additional financial strain on consumers and businesses.
NEW YORK (AP) — U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 as fuel prices continue to soar worldwide amid the Iran war. According to motor club AAA, the national average for a gallon of regular gasoline is now $4.02 — over a dollar more than before the war began. The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine. The price is a national average, meaning drivers in some states have been paying well over $4 a gallon for a while now.Since the U.S. and Israel launched a joint war against Iran on Feb. 28, the cost of crude oil — the main ingredient in gasoline — has spiked and swung rapidly. That’s because the conflict has caused deep supply chain disruptions and cuts from major oil producers across the Middle East. Higher gas prices are impacting consumers and businesses as many households continue to face wider cost of living strains. And as drivers pay more to cover necessities like gas, many may be forced to cut their budgets in other places.}
