Gasoline prices in the United States climbed to their highest level in four years on Tuesday as the war with Iran and stalled peace negotiations continue to drive up energy costs.The national average price for a gallon of regular unleaded gasoline reached $4.18, according to AAA. That marks a 1.6% jump in a single day — the largest percentage increase in more than a month — and the highest price seen since April 2022, shortly after Russia’s invasion of Ukraine.Since the war in Iran began in late February, US gas prices have surged more than 40%.
Crude oil prices also rose sharply on Tuesday amid the impasse in negotiations to reopen the Strait of Hormuz and limit Iran’s nuclear program.
Diesel prices have increased even more dramatically, reaching $5.46 per gallon on Tuesday — a 45% rise since the beginning of the conflict.
While energy prices climb, stock markets showed caution on Tuesday. The S&P 500 fell 0.6%, as investors await major tech company earnings and the Federal Reserve’s interest rate decision later this week.In Asia and Europe, stock indexes were mostly lower. Japan’s Nikkei 225 dropped 1% after the Bank of Japan kept rates steady but signaled concerns about inflation risks tied to the Iran war.
Major oil companies are benefiting from the higher prices. British energy giant BP reported Tuesday that its first-quarter profit more than doubled to over $3 billion, calling the oil trading environment “exceptional.”New BP CEO Meg O’Neill said the industry is operating in a time of “conflict and complexity” while playing a vital role in keeping global energy flowing.
With peace talks between the US and Iran appearing deadlocked and no immediate solution to the disruptions in the Strait of Hormuz, analysts expect fuel prices to remain elevated in the coming weeks.Higher gas and diesel prices are adding to household costs across the country and contributing to broader inflationary pressures as the conflict enters its ninth week.
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