US gas prices climb to highest point in Trump's second term

Gas prices jumped as the military conflict with Iran escalated, pushing the national average for a gallon of regular gasoline to $3.32 on Friday — an 11.4% rise from last week and the highest level since August 2024. Brent crude traded above $91 a barrel Friday morning, its highest level since mid-2024.

The increase followed strikes by the United States and Israel on Iranian targets last Saturday and retaliatory attacks from Tehran. Iran said it attacked a tanker passing through the Strait of Hormuz on Thursday; that narrow waterway handles roughly one-fifth of global oil consumption and any disruption there could quickly drive prices higher.

Iran has also targeted regional energy infrastructure, including facilities tied to Qatar's massive liquefied natural gas exports. BloombergNEF estimates that about half of the eventual increase in retail gasoline prices typically shows up within 10 to 13 days, with roughly 90% reflected within about 21 days.

United States, Strait of Hormuz

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