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Gas prices top $4 a gallon again as U.S.-Iran conflict escalates, AAA data shows
CBS News • • general
Key Points:
- The national average price for a gallon of gas in the U.S. reached $4.003 on Monday, marking the first time in over a month it has surpassed the $4 threshold, with some states paying more and others less.
- Diesel prices also increased, reaching a national average of $5.11 per gallon, impacting the cost of goods transported by trucks.
- Gas prices surged after the war in Iran began on February 28, peaking at $4.56 in May, then moderated during negotiations between the U.S. and Iran, but are rising again amid renewed conflict.
- Fighting between the U.S. and Iran, particularly over control of the Strait of Hormuz, has contributed to rising oil and gas prices since early July.
- Brent crude oil prices rose 3.2% to $90.95 per barrel, and U.S. benchmark crude increased 2.8% to $84.04 per barrel on Monday, driving higher fuel costs.
