U.S. gas prices jumped back to a national average of $4 a gallon on Monday as the United States and Iran launched additional attacks, intensifying fears of a broader conflict.
According to AAA, the average price for regular gasoline reached $4 nationwide, up sharply from $3.14 a year ago. While this is a national average, drivers in some states are already paying well above $4 per gallon due to local supply issues and varying tax rates.
Oil prices climbed in tandem with the renewed hostilities. Brent crude, the global benchmark, rose 3.2% to $90.95 per barrel, while U.S. benchmark crude gained 2.8% to $84.04 per barrel.
Gas prices first topped $4 a gallon at the end of March before falling below that level in mid-June after an interim U.S.-Iran deal helped ease crude oil costs. Even then, President Donald Trump voiced frustration that pump prices were not declining as fast as oil prices.
Higher energy costs are expected to ripple through the economy, pushing up prices for groceries and other goods. Affordability is likely to become a major issue for voters in the upcoming U.S. midterm elections. People worldwide are also facing elevated gas prices tied to the ongoing conflict.