US Gasoline Hits $4.50, Nears All-Time High as Iran Fuel Crunch Grows

US gasoline prices topped $4.50 a gallon for the first time since July 2022, extending their march higher as drivers face further strain from the prolonged conflict in the Middle East.

The nationwide average retail price for regular unleaded gasoline rose to $4.54 a gallon on Tuesday, according to the American Automobile Association, and is now around 50 cents off the record $5.01 set in June 2022. On a seasonal basis, prices are already at an all-time high for this time of year.