Topline
Gasoline prices in the U.S. rose above $4 per gallon early on Tuesday, breaching the mark for the first time since 2022, amid the global spike in crude oil prices triggered by the U.S.-Israel war against Iran.
U.S. gas prices have rise more than 34% since the start of the Iran war and they crossed the $4 mark for the first time since 2022.
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Key Facts
According to AAA’s national fuel prices tracker, average gas prices in the U.S. stood at $4.018 per gallon on Tuesday morning, a nearly 35% increase compared to the previous month.
Gas prices are now at the highest level they have been since August 2022, in the aftermath of Russia’s invasion of Ukraine.
The global benchmark Brent Crude Futures stood at $112.66 per barrel early on Tuesday and it has remained above $110 in the past few days as Trump’s remarks about peace talks with Iran have failed to alleviate oil supply concerns.
On Monday, the U.S. crude oil benchmark West Texas Intermediate settled above $100 per barrel for the first time since the start of the Iran war.
Diesel Prices Have Also Surged
Diesel prices in the U.S. have seen an even steeper surge than gasoline, with the national average rising to $5.454 per gallon early on Tuesday, according to AAA’s tracker. This is a 45% increase compared to the previous month. Diesel is used to fuel heavy vehicles like trucks, freight trains, tractors, other farm machinery and construction equipment. The spike in diesel prices is likely to affect prices across everything, including groceries, farm goods and shipping costs for online purchases.
This is a developing story.
Source: https://www.forbes.com/sites/siladityaray/2026/03/31/us-gas-prices-top-4-per-gallon-for-the-first-time-since-2022/
