Key facts
- U.S. gasoline pump prices surpassed $4 a gallon on Monday.
- Renewed hostilities between the U.S. and Iran are disrupting energy flows through the Strait of Hormuz.
- National average retail gasoline prices have climbed more than 30% since late February.
- Crude oil prices surged about 16% this week following the collapse of a truce between Washington and Tehran.
- U.S. fuel inventories are low, standing at 210.5 million barrels, below the five-year average.
U.S. gasoline pump prices surpassed $4 a gallon on Monday, driven by renewed hostilities between the U.S. and Iran that are disrupting energy flows through the Strait of Hormuz, a critical route for global oil supplies. The national average retail gasoline price has climbed more than 30% since late February. Crude oil prices surged about 16% this week following the collapse of a truce between Washington and Tehran. Low U.S. fuel inventories also contributed to the price increase, with stockpiles standing at 210.5 million barrels last week, 1.5 million barrels below the five-year average. High pump prices have become a political issue for President Donald Trump and the Republican Party ahead of the November midterm elections.