National gasoline prices return to $4 a gallon as U.S. and Iran conflict intensifies

The national average price for a gallon of regular gasoline returned to $4 on Monday as geopolitical tensions between the U.S. and Iran escalated. This marks the first time the average has crossed the $4 threshold since mid-June, following a period of fluctuating prices caused by renewed airstrikes and a brief ceasefire. The administration announced the release of 172 million barrels of oil from the U.S. Strategic Petroleum Reserve to help mitigate the impact of rising costs on consumers. While crude oil prices have surged over 20% in the last two weeks, experts note that pump prices may take longer to stabilize due to refining costs and distribution factors. The conflict has also impacted the Strait of Hormuz, a vital waterway for 20% of the world's energy supply. Shipping traffic in the strait dropped significantly as Iran and its allies moved to establish authority over navigation. Additionally, ongoing attacks by Ukraine on Russian oil refineries have further tightened global supply, contributing to higher prices for both gasoline and jet fuel.

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