Average US gasoline prices have climbed above $4 per gallon for the first time since July 2022, according to AAA data, as geopolitical tensions in the Middle East continue to disrupt global energy markets. The national average reached $4.02 on Tuesday, marking a 22% increase from January levels.
Analysts attribute the surge primarily to escalating crude oil prices, with Brent crude trading above $90 per barrel this week. ‘The Iran-Israel conflict has introduced significant volatility,’ said an energy analyst at S&P Global Commodity Insights. ‘Every flare-up risks disrupting shipping lanes or production facilities.’
The Biden administration faces renewed pressure as 55% of Americans now cite inflation as their top economic concern, per a recent Gallup poll. While the White House points to strategic petroleum reserve releases and domestic production gains, Republican lawmakers blame energy policies for limiting US output.
Market watchers suggest prices may stabilize if OPEC+ maintains current production levels at its June meeting. However, Goldman Sachs analysts warn of potential spikes to $5 per gallon should conflict spread to major oil-producing regions.