Gas prices across the United States continued to rise Tuesday as escalating tensions involving Iran impact global oil markets.
According to AAA, the national average price for a gallon of gasoline reached just under $3.54 Tuesday, up six cents from Monday.
The increase also marked the end of sub-$3 gasoline in nearly every state. Kansas remains the only state with an average price below $3 per gallon at about $2.96. California continues to have the highest average gas price in the nation at approximately $5.29 per gallon.
Prices have climbed sharply since the end of February, when the national average was around $2.95 per gallon. Analysts say disruptions tied to the conflict in the Middle East and concerns about global oil supplies have driven the increases.
Oil prices surged above $120 per barrel of Brent crude Monday before easing slightly Tuesday. Analysts say the sharp increase in oil prices is directly impacting fuel costs.
Patrick De Haan, head of petroleum analysis at GasBuddy, said the spike in oil prices has pushed gasoline prices higher at one of the fastest rates in years.
He warned prices could continue rising, with the national average potentially approaching $4 per gallon before stabilizing. In many states, prices could increase another 20 to 50 cents per gallon in the coming days.
A major factor behind the rising costs is disruption in the Strait of Hormuz, a narrow shipping channel connecting the Persian Gulf to global markets. Roughly one-fifth of the world’s oil supply typically moves through the waterway.
Attacks on vessels and threats from Iranian forces have disrupted tanker movement through the strait, raising concerns about oil supply interruptions and contributing to volatility in global energy markets.
Experts say crude oil prices play the largest role in determining gas prices. Federal data suggests that for every $1 change in the price of crude oil, gasoline prices typically shift about 2.4 cents per gallon.
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