U.S. Petrol Prices Climb Above 4.50 Dollars a Gallon as Gulf Tensions Disrupt Supply

Mintesinot Niggusie

U.S. retail petrol prices have risen above 4.50 US dollars a gallon for the first time since July 2022, as conflict involving the United States, Israel and Iran continues to disrupt oil flows through the Strait of Hormuz.

The national average stood at 4.52 US dollars per gallon on Tuesday, as the market heads into the Memorial Day weekend, the traditional start of the peak summer driving season. Prices had already crossed the four dollar threshold in late March, a level last seen in 2022 following Russia's invasion of Ukraine.

Rising fuel costs are emerging as a political challenge for Donald Trump and his Republican party ahead of the November midterm elections. Analysts warn that without de-escalation in the Middle East, pump prices could surpass previous records.

At the state level, California recorded the highest average price at 6.14 US dollars per gallon, reflecting tighter regional supply conditions. The increase in retail fuel prices has tracked a sharp rally in crude markets, with Brent crude rising 58 percent since the conflict began, driven by concerns over prolonged disruption to global supply routes through the Gulf.