Gasoline Prices Surge as U.S.-Iran Conflict Restarts

National average gasoline prices in the United States rose 13 cents over one week to $3.95 per gallon, driven by the restart of the war between the United States and Iran. Fuel costs surged across several states, with Michigan averages climbing 20 cents to $4.15 per gallon and Missouri prices rising 16.6 cents to $3.67 per gallon. In Baltimore, prices reached an average of $4.00 per gallon.

Patrick De Haan of GasBuddy noted that the national average is likely to hit $4 per gallon within 48 hours. He attributed the volatility to strained global refining capacity, specifically citing the closure of the Strait of Hormuz and ongoing Ukrainian attacks on Russian refineries. These factors, combined with the U.S.-Iran conflict, have pressured supply chains while WTI crude approached $85 per barrel.

While gasoline prices continue to climb, national diesel prices saw a slight decrease to $5.07 per gallon. However, analysts warn that motorists should expect further price increases in the coming days as market conditions remain unstable.