US gas prices surpass $4 for first time in nearly 4 years

The national average for regular gasoline reached more than $4 per gallon on Tuesday, March 31.

This marks the highest level since August 2022, as the ongoing conflict between the U.S., Israel, and Iran is directly affecting global energy markets.

The figure represents a significant jump compared to just one month ago, when the average was at $2.98 a gallon prior to the start of the U.S., Israel, and Iran conflict on February 28.

The cost of diesel has also jumped, averaging at $5.45 a gallon, compared to an average of $3.76 a gallon prior to the war.

The primary factor behind the surge in gas prices is disruptions in the Strait of Hormuz. It has been a month since the Strait was closed, ceasing tanker traffic and forcing major oil producers in the region to reduce output.

Crude oil prices have also increased, with Brent crude trading near $120 per barrel.

U.S. President Donald Trump, who promised to lower fuel costs in his 2024 election campaign, has characterised the price surge as a temporary disruption.

According to White House officials, the prices will “plummet back” after the conclusion of Operation Epic Fury.