$4 Gas: A Symptom of a Larger Crisis The resumption of hostilities between the US and Iran has sent global crude oil prices soaring, pushing gasoline prices in the US above $4 per gallon for the first time in over a month.
This latest spike in prices is not surprising, given the disruptions to oil shipments through the Strait of Hormuz.
Global crude oil prices responded quickly to the renewed tensions, with Brent crude futures briefly hitting $90 per barrel on Monday before settling back down after Iranian officials signaled a willingness to engage in dialogue.