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US Gasoline Prices Rise Above $4 as Hostilities With Iran Intensify

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US average gasoline prices have risen to more than $4 per gallon, according to the American Automobile Association website, amid the country's recent escalation in hostilities with Iran.

The national average price for regular grade stood at $4.0030 on Monday, as per AAA's daily posted prices.

This compares with an average of $3.9980 for Sunday, $3.8720 a week ago, $3.9510 a month ago, and $3.1410 for the year-ago period.

Prices have breached $4 per gallon for the first time in a month as renewed US-Iran hostilities threaten shortages of transportation fuels and add to inflation pressures, Bloomberg reported Monday.

Brent crude futures surged above $90 per barrel on Monday as the collapse of US-Iran peace talks triggered a near-total cessation of shipping through the Strait of Hormuz, according to LSEG data cited in a commentary by ING analysts.

Front-month West Texas Intermediate crude was last trading 0.61% lower at $81.99 per barrel, while Brent futures edged 0.1% lower to $88.06/bbl.

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