US gas prices surge to $4.08 as war-driven spike continues

Gasoline prices across the United States continue to climb, with the national average for a gallon of regular fuel reaching $4.08, according to the latest data from the American Automobile Association.

The price increase, which rose by 2 cents in a single day, comes amid broader market pressures linked to the ongoing conflict involving Iran. According to CNN, gasoline prices have surged by 37% since the start of the war.

Since March 1, prices have risen almost daily, resulting in a total increase of $1.08 over the past month. Analysts note that the pace of the rise has exceeded spikes seen after major events such as Hurricane Katrina in 2005 and the imposition of sanctions on Russia in 2022.

The most recent surge pushed gasoline prices to a record high of $5.02 per gallon.

Market conditions suggest further increases may be ahead. Oil futures moved higher following comments by Donald Trump about the possibility of strikes on Iran in the coming days.

By Tamilla Hasanova