The average price of a gallon of gasoline hit $4 Tuesday for the first time since mid-2022, as the cost of oil surges due to the Iran war.
In the month since the U.S and Israel attacked Iran, the average price of unleaded gas has spiked more than a dollar a gallon. On Tuesday morning, the average price nationwide was $4.02 per gallon, motor club AAA said.
It’s not just retail gasoline. The diesel fuel used to power trucks delivering goods to stores, farm equipment and public transit has risen to $5.45 per gallon, more than $1.80 higher than it was a year ago.
Driving that is the soaring cost of crude oil worldwide. U.S West Texas Intermediate (WTI) crude has risen more than 50% since the war began Feb. 28, while Brent, the international benchmark, has seen a jump of nearly 60%.
On Monday, U.S. crude oil settled above $100 per barrel
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