U.S. gasoline prices have crossed a threshold never seen this late in the year, according to GasBuddy analyst Patrick De Haan, as tensions with Iran continue to roil energy markets.
Gas Prices Hit Unprecedented Late-Year Level
In a post on X, De Haan said that the national average price for a gallon of gas was at “its highest ever level this late in the calendar year.” He then gave further context to the statement in his post. “The national average has never been above $4/gal after Aug. 12 in any previous year- ever,” the analyst said.
The national average gas price has consistently remained around the $4/gallon mark. According to data from the American Automobile Association, the national average price for a gallon of gas grew to $4.0360 on Wednesday; for context, Tuesday’s average was $4.0116/gallon.
Meanwhile, tensions over the Strait of Hormuz have caused volatility in the global oil markets. At the time of publication, both the West Texas Intermediate (WTI) crude and the Brent crude fell to $83.13/bbl and $88.95/bbl, respectively. The Oil ETF United States Oil Fund (NYSE:USO) also fell 0.49% to $126.67 during overnight trading on Wednesday.
Trump Claims Strait of Hormuz Control
President Donald Trump reaffirmed his claim that the U.S. was in control of the Strait of Hormuz, which prompted pushback from Iran’s Persian Gulf Strait Authority (PGSA), as the agency refuted Trump’s claims and maintained that the waterway was closed.
Meanwhile, Iran’s newly appointed Secretary of the Supreme National Security Council, Mohsen Rezaei, has said the Strait of Hormuz will remain closed until the U.S. meets Tehran’s demands, including a ceasefire in Lebanon and Gaza.
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