Iran war leaves U.S. gas prices at highest levels in nearly four years ahead of Memorial Day
U.S. gasoline prices are nearing four-year highs as the Memorial Day weekend approaches, largely due to the ongoing war with Iran. The average price has risen to $4.55 per gallon, marking a significant increase since the conflict began. Experts warn that prices could reach $5 per gallon if the Strait of Hormuz remains closed, which is critical for global oil supply.
- ▪Gasoline prices are currently averaging $4.55 per gallon, the highest since 2022.
- ▪Prices have surged over 50% since the U.S. and Israel began the war with Iran on February 28.
- ▪The closure of the Strait of Hormuz has caused the largest disruption to oil supplies in history.
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U.S. drivers will pay gasoline prices near four-year highs when they fuel up for travel over the long Memorial Day weekend and should expect more pain at the pump this summer if the Strait of Hormuz does not reopen. The average gasoline price stood at $4.55 per gallon on Friday, an increase of more than 50% since the U.S. and Israel began the war with Iran on Feb. 28. It is the most drivers have paid on the Friday before Memorial Day since 2022, following Russia's full-scale invasion of Ukraine.Prices dipped slightly from Thursday when drivers paid the most on average since July 2022. Prices at the pump have surged as U.S. crude oil prices have spiked more than 40% from pre-war levels due to Iran's blockade of the Strait of Hormuz.
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