U.S. national average gas prices top $4/gallon as Iran conflict disrupts oil flows through Strait of Hormuz

Published Jul 20, 10:34 AM UTC

U.S. national average gas prices rose above $4 per gallon on Monday for the first time in over a month, driven by renewed fighting between the U.S. and Iran that disrupted oil shipments through the Strait of Hormuz. Global benchmark Brent crude briefly hit $90 per barrel before settling around $88 after Iranian officials signaled willingness to resume dialogue. Diesel prices also rose to $5.10 per gallon. The British Navy reported a vessel near Oman was struck by an unknown projectile and caught fire. The price spike reverses a decline following an interim peace deal. President Trump, who previously demanded gas prices drop to $2.50, recently launched a subsidized 'Freedom Fuel Network' selling gas at $3.47 in New Jersey and Pennsylvania, though it is unclear if the latest spike will affect those stations.