Gas prices hit $4.06 a gallon before Trump's prime-time address
U.S. gasoline prices continue to inch higher after crossing the $4 a gallon threshold on Tuesday for the first time since 2022.
U.S. gasoline prices continue to inch higher, hitting $4.06 a gallon after crossing $4 on Tuesday, as the Iran war continues to drive up costs for American drivers.
The average cost of a gallon of gas has jumped 36% since the war started, according to AAA . Gas climbed above $4 yesterday for the first time since August 2022.
The war in Iran is disrupting the world's oil supply, pushing up prices at the pump. Brent crude accounts for 51% of the cost of a gallon of gas, according to the U.S. Energy Information Administration.
The Strait of Hormuz, through which one-fifth of the global oil supply flows, remains effectively closed, with a new analysis from Lloyd's List Intelligence showing that most of the ships transiting the waterway are linked to Iran .
President Trump told CBS News Tuesday that gas prices will drop "when we leave, when it's over."
The president is planning to deliver a prime-time address Wednesday night to "provide an important update on Iran," White House press secretary Karoline Leavitt announced on X . The president has signaled that he is aiming to strike deal with Iran and wrap the war up in a matter of weeks.