US gas prices rose by 7 cents to $4.30 for a gallon of regular, marking the largest single-day increase in prices over the past six weeks. Gas prices have reached their peak since July 2022, as reported by AAA data.
The rise indicates a price increase of 27 cents, or 7%, in merely the past week. And costs have increased by 44% since the beginning of the conflict in Iran.
Oil futures indicate that elevated prices are expected. Crude futures remain relatively stable in Thursday’s trading, while US crude prices surged 7% on Wednesday, closing above $100 a barrel for the first time since the ceasefire in Iran was announced.
Gas prices decreased for two weeks following the commencement of the ceasefire, lowering the average to $4.02 by April 22. However, worries about the inability of peace negotiations to achieve a deal to conclude the conflict and reopen the Strait of Hormuz have caused prices to surge once more.
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