Gasoline prices topped $4 per gallon nationwide on Tuesday, with the national average price at the pump hitting $4.02, its highest level since August 2022, according to AAA data.<\/p>\n
This rise comes as the US-Iran war enters its fifth week, and the $4 mark is the latest milestone for gas prices, which are now up about $1 on average from one month ago, with most of those gains coming since the outbreak of the Middle East conflict.<\/p>\n
The national average at the pump rose to $4.018 per gallon, marking its highest level in nearly four years and the largest monthly gain on record, according to the data firm GasBuddy.<\/p>\n
Underlying oil prices for international Brent crude (BZ=F) and US West Texas Intermediate crude (CL=F) have surged by roughly 50% eachsince the war began. Futures on the two energy products were trading around $107 per barrel and $102 per barrel, respectively, on Tuesday morning.<\/p>\n
Read more: <\/em>How oil price shocks ripple through your wallet, from gas to groceries<\/em><\/p>\n On March 25, the Trump administration eased federal ethanol restrictions by issuing an emergency waiver for E15 gasoline, a move designed to increase the supply of a less expensive fuel blend ahead of the warmer-weather driving season. The White House also issued a temporary 60-day waiver on so-called “Jones Act” requirements that make domestic shipping more expensive.<\/p>\n Neither move, however, has managed to truly pull gas prices back across the country.<\/p>\n While consumers have had to shell out more money to fill up their vehicles over the past month, truckers have been paying even more. The national average for a gallon of diesel reached $5.45 on Tuesday, also marking a record monthly gain, according to GasBuddy.<\/p>\n Strategists warn oil prices \u2014 and therefore, prices on refined products including gasoline, diesel, and jet fuel \u2014 could climb further if the conflict drags on.<\/p>\n Goldman Sachs analysts raised their Brent forecast for April from $85 to $115, “as a longer disruption supports the risk premium for longer,” amid uncertainty over the Strait of Hormuz. Senior officials in Saudi Arabia have modeled Brent at $180 if the war lasts through April, and strategists at Macquarie have said Brent could cross $200 if the conflict lasts through June.<\/p>\n Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at <\/em>@ines_ferre<\/em><\/a>.<\/em><\/p>\n Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at <\/em>jake.co<\/em>nley@yahooinc.com<\/em>.<\/p>\n Click here for in-depth analysis of the latest stock market news and events moving stock prices<\/strong><\/p>\n Read the latest financial and business news from Yahoo Finance<\/strong><\/p>\n<\/p><\/div>\n<\/div>\n<\/div>