After declining for weeks, gas prices are rising again.
After declining for weeks, gas prices are rising again. Gas prices in the United States topped $4 per gallon on average Monday as an escalation of thePrices at the pump have jumped 13 cents per gallon, or 3%, over the past week,The recent cost rise brings gasoline prices back to a level achieved soon after the Iran war began in late February.
The Middle East conflict prompted Iranian closure of the , the maritime trading route that facilitates transportation of about one-fifth of global oil supply. The historic oil disruption sent gasoline prices surging. Gas prices temporarily fell below $4 a gallon last month after the U.S. and Iran struck a preliminary agreement aimed at ending the war. Before the Iran war, fuel costs had last exceeded $4 a gallon in August 2022 following the Russian invasion of Ukraine.
An exchange of strikes between the U.S. and Iran in recent days has reignited large-scale fighting and dampened prospects of a resolution.the U.S. hit Iran "hard" in honor of the U.S. service members who were killed by Iran over the weekend. U.S. Central Command said two service members were killed in an attack on Jordan on Friday, and that a third service member remained missing. Another service member was killed in Iraq on Saturday, CENTCOM said.
The U.S. resumed its naval blockade of the Strait of Hormuz last week, reversing a key commitment made as part of the agreement. That move came after Iran fired upon oil tankers in the strait.
The Iran war triggered one of the largest oil shocks ever recorded, sending the national average price of gasoline as high as $4.56 a gallon on May 21, AAA data showed.in late May, however, as Iran and the U.S. appeared willing to strike an agreement that would reopen the strait. By late June, those prices gad fallen fell to their lowest level since before the war began. Relief at the pump helped bring down prices overall.
Inflation dropped more than expected in June as gas prices eased, federal government data on TuesdayGas prices rose 3.5% in June compared to a year earlier, marking a retreat from a year-over-year inflation rate of 4.2% in the prior month. The reading for June marked the lowest inflation since March, though the pace of price increases remains more than a percentage point higher than its pre-war level.
Even after easing last month, overall inflation stands markedly higher than the Federal Reserve's target rate of 2%. Related Topics
Please follow us on Google to support usUnited States Latest News, United States Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
US-Iran Conflict Intensifies Amid Rising Gas Prices and Landmark Medical Examiner Independence StatementA comprehensive news roundup covering escalating US-Iran hostilities and their potential impact on domestic fuel costs, a groundbreaking legal case for switched-at-birth men, weather forecasts clearing wildfire smoke, global religious harmony, cultural reviews, health tips, and a major assertion of independence by the LA County Medical Examiner in a homicide case.
Read more »
Nationwide Average Gas Prices Climb Above $4 Amid Iran TensionsNationwide average gas prices have climbed above $4 per gallon amid a resurgence in hostilities between the U.S. and Iran, despite the administration's commitment to easing energy costs at home.
Read more »
US gas price average jumps to $4 a gallon as US and Iran intensify attacksAs the attacks between the US and Iran continue, the average price of gas is now at $4 a gallon. It previously dipped in mid-June, but has since gone back up.
Read more »
U.S. Average Gas Price Ticks Above $4 as World Fears Iran Is a New Forever WarPresident Trump wrote Monday: 'Every time Iran kills an American Soldier they will pay for that killing many times over!'
Read more »