On Wednesday, the average price of regular gas in the US climbed to over $4.22 per gallon, according to AAA.
That’s the highest level since 2022, when global oil markets were rattled by Russia’s invasion of Ukraine. Prices have steadily climbed since the start of the US conflict with Iran earlier this year.
American gas prices have risen sharply over the past week. Last Wednesday, the national average sat at $4.02. By Tuesday, it had reached $4.17, before jumping more than five cents on Wednesday.
There’s still a large gap in gas prices across US states. Oklahoma has the cheapest gas at $3.66 a gallon on average, while California is at $5.98, according to AAA.
The pricing surge comes as tensions between the US and Iran continue to disrupt shipping through the Strait of Hormuz, a critical chokepoint that handles roughly 20% of the world’s oil supply.
Concerns about reduced flows through the region pushed Brent Crude oil prices — the global pricing benchmark — sharply higher to near $117 a barrel on Wednesday. Oil prices have climbed for seven straight sessions amid the uncertainty.
Alexander Kuptsikevich, chief market analyst at FxPro, wrote in a Wednesday note that expectations for when oil supplies will return to normal have been pushed back, raising the risk that higher gas prices could stick around longer than expected.
“US politicians are doing everything they can to mitigate the negative impact,” he wrote. “Ongoing supply disruptions and fears that the situation will worsen are driving Brent and WTI prices ever higher.”
While US markets have largely stabilized since the start of the war, President Donald Trump continues to threaten escalation.
On Wednesday, the president posted about the conflict on Truth Social, saying Iran “can’t get their act together,” and that the country’s political leaders “better get smart soon!”
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