US gas prices crossed the $4-per-gallon mark Tuesday for the first time since 2022. Consequently, the milestone signals deepening economic pain from the ongoing US-Iran war. According to the motor club AAA, the national average now sits at $4.02, over a dollar more than before the war began on February 28.
Meanwhile, President Trump fired back at reluctant allies on Truth Social. He told countries facing fuel shortages to either buy American oil or head to the Strait of Hormuz and “just TAKE IT.” Furthermore, he declared, “Go get your own oil,” adding the US “has plenty.”
Indeed, Trump’s frustration stems from a critical bottleneck. Iran has effectively closed the Strait of Hormuz, the channel through which roughly 20% of the world’s oil normally travels. As a result, crude oil now trades around $110 per barrel. That compares to roughly $67 before the war began.
Additionally, the battlefield continues to escalate sharply. US strikes hit a city housing one of Iran’s main nuclear sites on Tuesday, sending a massive fireball into the sky. Simultaneously, Iran attacked and set fire to a massive Kuwaiti oil tanker off Dubai overnight.
Nevertheless, fears of even higher prices continue to grow. Analysts warn prices could push beyond the all-time high of $5.016 per gallon, a record set after Russia’s invasion of Ukraine.
In response, Defence Secretary Pete Hegseth backed Trump’s stance. He told reporters that allied nations “ought to be prepared to step up” on the critical waterway.
Overall, the war has so far claimed more than 3,000 lives and caused major disruptions to the global supply of oil and natural gas.
“Sources: AP, NPR, NBC News, Euronews, The Hill”
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