US gas prices increased by 1 cent to reach an average of $4.03 per gallon, based on the most recent data from AAA. This was the first instance of the average price increasing in fourteen days.
Fuel costs have consistently decreased since reaching $4.17 per gallon on April 9. That peak occurred two days following President Donald Trump’s declaration of a ceasefire in the conflict with Iran.
Since that time, the United States and Iran have grappled with reaching a peace agreement, undermining expectations for a swift resolution to the conflict. At the same time, the Strait of Hormuz is still shut, confining 20% of global oil supply within the Persian Gulf.
Even if fuel costs fall again as they have over the past fortnight, analysts believe it will require several months for prices to drop back below $3 per gallon, the level they were at prior to the war’s onset.