National average gasoline prices hit $4.0030 per gallon as crude oil rallies amid renewed Middle East hostilities and shipping disruptions.
The US national average gasoline price climbed to $4.0030 per gallon on July 20, driven by a crude oil price rally following renewed Middle East conflicts and disruptions in the Strait of Hormuz. The increase marks a rise from $3.8720 per gallon recorded a week earlier.
Prices have been pressured by escalating tensions, including Iranian attacks on vessels, which have heightened supply concerns. The last time gasoline prices crossed the $4 threshold was in early June, before a brief retreat.
Markets are monitoring the situation for potential further volatility in energy prices.