Gas again tops $4 per gallon as Iran fighting persists
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Drivers can expect pump shock déjà vu as the national average gas price again climbed over $4 per gallon Monday, as President Trump appears poised to escalate the war in Iran.
The big picture: Tanker traffic is once again being choked in the Strait of Hormuz after fighting between Iran and the U.S. reignited, with Washington reinstating a naval blockade that could dramatically escalate tensions.
- Oil prices have risen as the conflict has escalated and the memorandum of understanding between the U.S. and Iran unravels.
Driving the news: The national average is now $4.00 a gallon, per AAA.
Catch up quick: Last month, prices slipped back below $4 per gallon, giving some relief following months of pain at the pump.
- As a result, Americans reported feeling better about the economy. Majorities of Americans in multiple polls had blamed Trump to some extent for the pump shock.
- While the current average per gallon is below recent highs, it's up 86 cents year over year.
State of play: Trump weighed expanding U.S. military strikes on Iran on Tuesday as he huddled with his team in a Situation Room meeting where they discussed a massive offensive wider in scope than the current bombardments.
- U.S. Central Command has said the recent strikes were in response to Iran's attacks on commercial shipping and aimed to further degrade Tehran's military capabilities.
What we're watching: As the Strait of Hormuz crisis ensnares global markets, countries and companies are scrambling for ways to bypass the waterway.
Go deeper: Rise in gas prices caused "financial hardship" for two-thirds of households surveyed
