Gas prices surpassing $8 per gallon are displayed at a Chevron gas station in Los Angeles, California, on Tuesday. Frederic J. Brown/AFP/Getty Images
US gas prices rose by another 5 cents to $4.23 per gallon for regular, marking the highest level since July 2022, according to the most recent data from AAA.
The rise indicates that prices have increased by 21 cents, or 5%, within the past week, marking the biggest weekly gain for gas prices since March. Prices have risen 42% since the war in Iran began.
Oil futures indicate that gasoline prices may continue to increase. US oil prices reached over $100 a barrel during early trading, rising approximately 3%. Those futures haven’t risen above $100 in the three weeks following the ceasefire declaration in Iran.
Gas prices decreased for two weeks following the initiation of the ceasefire in the conflict in Iran, lowering the average to $4.02. However, a collapse in in-person peace negotiations resulted in the closure of the Strait of Hormuz and a renewed surge in prices.
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