US gas prices hit $4.22 per gallon on Wednesday, the highest national average since 2022, according to AAA. The spike follows escalating tensions in the Strait of Hormuz, a critical global oil chokepoint, amid ongoing US-Iran hostilities. California drivers face prices nearing $6 per gallon, while Oklahoma remains the cheapest at $3.66.
The rapid rise marks a 20-cent increase in just one week, with prices jumping five cents on Wednesday alone. Brent Crude oil prices surged to $117 per barrel as concerns over oil supply disruptions persist. Analysts warn that prolonged instability in the region could keep gas prices elevated.
'Ongoing supply disruptions and fears that the situation will worsen are driving Brent and WTI prices ever higher,' Alexander Kuptsikevich, chief market analyst at FxPro, stated.
The Strait of Hormuz handles roughly 20% of global oil shipments, making it a focal point for market volatility. While US markets have stabilized since the start of the conflict, ongoing tensions and threats of escalation continue to pressure energy prices.
Impact on American Workers
Rising gas prices disproportionately affect working-class Americans, increasing costs for transportation and goods. The Biden administration faces mounting pressure to address the crisis, though analysts predict supply disruptions could persist in the near term.