Photo: FREDERIC J. BROWN / AFP / Getty Images
Gasoline prices in the United States have surged to a new high for 2026, reaching an average of $4.23 per gallon nationwide on Wednesday (April 29), according to AAA. This marks the highest level since the war with Iran began and reflects a jump of over 40% since late February.
The spike is closely linked to rising oil prices after the United States and Iran imposed a dual blockade of the Strait of Hormuz, a vital route for exporting crude oil and petroleum products from the Persian Gulf. The price of Brent crude, the international benchmark, has climbed nearly 25% since mid-April, now standing at $114.60 a barrel, just below the recent high of $118.
President Donald Trump has told aides to prepare for a prolonged blockade to pressure Iran’s economy, aiming to restrict Iranian oil shipments, according to the Wall Street Journal. The number of ships passing through the strait has dropped sharply, from about 130 a day before the conflict to only thirty-five last week.
The rise in gas prices is adding to seasonal increases usually seen as refineries undergo spring maintenance and the driving season begins. Many gas stations have tried to keep prices below $4 per gallon by reducing their own profit margins, but Tom Kloza, chief energy adviser to Gulf Oil, said, "This is the most serious squeeze, in terms of margin suppression, we’ve seen for retailers since 2020," according to NBC News.