Gas prices across the U.S. are climbing sharply, reaching their highest levels in nearly four years as global oil prices surge, according to CNN.
The national average for regular gasoline stood at $4.23 per gallon as of Wednesday, based on data from AAA. That marks the highest price since July 2022.
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Prices have jumped 21 cents in just the past week, the largest weekly increase since March, and are up 42% since the start of the war involving Iran.
Experts say several factors are driving the spike, including rising global oil prices and geopolitical uncertainty tied to the ongoing conflict.
Benchmark Brent crude oil prices surged above $125 per barrel early Thursday, further fueling concerns about sustained high costs at the pump.
Analysts warn prices may not ease anytime soon, especially with the busy summer travel season approaching, a time when demand for gasoline typically increases.
The combination of strong demand and global instability could continue to put pressure on drivers’ wallets in the weeks ahead.