The average price of a gallon of gas in the United States climbed to over $4 per gallon on Monday morning, reaching its highest price in over a month since the U.S. and Iran resumed consecutive airstrikes.
AAA tagged Monday morning’s national average price for a regular tank of gas at $4.003 per gallon, just tipping over the $4 mark, up from Sunday’s $3.998 per gallon.
Monday is the first time since June 13 that the average price of gas has been over $4.00 per gallon, according to data from GasBuddy reviewed by the Washington Examiner.
Gas prices fell throughout June and into early July as the U.S. and Iran made progress on peace talks, inking a 60-day preliminary ceasefire extension in mid-June. But since the ceasefire crumbled and the two nations began trading airstrikes, oil and gas prices have begun to climb again.
Oil prices typically react more quickly than the national gas prices to market-moving news, as trade prices are generally more volatile than the final, consumer-facing price of the product. Oil prices have generally been rising since July 1, while gas prices had a few buffer days and began rising from $3.719 on July 5. WTI Crude Oil futures sat at $80.95 per barrel as of Monday morning.
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One year ago, still under the Trump administration, but before the Iran war threatened the Strait of Hormuz and thus the international energy markets into flux, the price of gas sat low at $3.141, according to AAA data.
The rising prices on Monday follow a weekend of hostilities in the Middle East that killed at least three American service members. At least two U.S. service members were killed in an Iranian missile attack on Friday at the Muwaffaq Salti Air Base in Jordan. On Saturday, one U.S. service member was killed during a controlled detonation of a downed, unexploded Iranian one-way attack drone in northern Iraq.
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[ H/T Washington Examiner ]
