Gas prices jump to their highest level since start of Iran war
The average cost for a gallon of gasoline hit $4.18 a gallon on Tuesday, up $1.20 since the conflict in the Middle East started on Feb. 28.
Updated on: April 28, 2026 / 1:05 PM EDT / CBS News
The average cost for a gallon of gasoline hit $4.18 on Tuesday, according to AAA , the highest level since the war in the Middle East began.
Gasoline prices, which have risen by $1.20 a gallon since the war started on Feb. 28, climbed nearly 7 cents overnight, according to AAA .
The latest increase follows a brief period of relief, when prices eased after hitting a recent high of $4.17 on April 9 as the U.S. and Iran appeared to be making progress toward a deal to end the war. The countries agreed to a two-week ceasefire on April 8, which President Trump has since extended .
However, negotiations appear to have lost momentum in recent days, dashing hopes for a quick resolution to the war and sending oil prices higher.
Oil accounts for 51% of the cost of a gallon of gas, making it the biggest factor in determining prices at the pump. As of Tuesday morning, Brent, the international benchmark, was hovering around $111 a barrel, while West Texas Intermediate, the U.S. benchmark, was just below $100 a barrel.