United States gasoline prices rise above $4 average | JQJO

United States average gasoline prices climbed back above $4 per gallon on Monday, reaching $4.003, according to AAA data, as the Iran war intensified and renewed concerns about a global oil shortage. Prices at the pump jumped 13 cents, or about 3%, over the past week, returning to levels last seen soon after the conflict began in late February. The war prompted Iran to close the Strait of Hormuz, a key maritime route that carries about one-fifth of the world’s oil supply, triggering one of the largest oil shocks on record and pushing the national average gasoline price as high as $4.56 a gallon on May 21.

United States fuel costs had briefly fallen below $4 a gallon last month after Washington and Tehran reached a preliminary agreement aimed at ending the war and reopening the strait, helping ease inflation that had been elevated since the conflict started. However, an exchange of strikes between the United States and Iran in recent days, including attacks that killed three U.S. service members and left another missing in Jordan and Iraq, has reignited large-scale fighting. President Donald Trump said the United States hit Iran "hard," and the U.S. resumed its naval blockade of the Strait of Hormuz after Iran fired on oil tankers, reversing a key pledge from the earlier agreement.