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US Gas Prices Reach All-Time August High Amid Iran Tensions

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US gas prices this month are the highest ever recorded for August as peace talks between the US and Iran have stalled, The Guardian reported Monday.

The national average price of gas was $4.06 per gallon on Monday, up $0.05 from last week and $1 higher than a year ago, according to AAA data cited in the report.

California and Hawaii saw averages of about $5.50 a gallon, The Guardian said. Brent crude, the global oil benchmark, reached $112 a barrel in March before easing to around $85, still roughly 30% higher than a year ago, according to the report.

The US and Iran missed their 60-day diplomatic deadline to end the war on Monday, failing to reach agreement on Iran's nuclear program, the report said.

President Trump threatened to bomb Oman if it "gets in the way," and said he was not pressing for a quick resolution, telling Fox News, "I have no time schedule. I'm not in a hurry," according to the Guardian.

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