National gasoline prices reached $4.00 per gallon on Monday as geopolitical tensions in Iran and Ukraine drive up energy costs.
The national average price for regular gasoline hit $4.00 per gallon on Monday, marking the first time the price has reached this level since June 17. This increase follows a period of rising costs driven by the renewed conflict between the U.S. and Iran, as well as ongoing attacks in the Russia-Ukraine war. The administration announced the reinstatement of the Iranian blockade in the Strait of Hormuz, a critical waterway for global energy supplies. While President Trump initially proposed a 20% transit fee for cargo, the fee was later dropped following pushback from international maritime organizations. Meanwhile, Russia has restricted exports of refined products due to Ukrainian strikes on its energy infrastructure. These factors have contributed to a 45% rise in crude oil prices since the start of the year. Analysts note that while summer travel demand remains high, the standoff over navigation protocols in the Strait of Hormuz has slowed traffic recovery. Drivers can expect continued upward pressure at the pump in the coming weeks.