U.S. gas prices have jumped to a national average of $4.02 per gallon, the highest since 2022, as the ongoing conflict with Iran disrupts global oil supply. Diesel now averages $5.45/gallon, hitting households and businesses alike.
The International Energy Agency and the U.S. have released emergency reserves in an effort to ease prices, but analysts warn costs could rise further if the conflict continues. Higher fuel costs may also push up groceries, shipping fees, and other everyday goods.
Global oil markets remain volatile, with disruptions at the Strait of Hormuz and attacks on oil facilities worsening supply concerns.
