US gasoline prices top $4.50

The national average for gasoline in the United States has climbed to $4.54 per gallon, a 52% increase since the outbreak of the Iran war.

This surge is primarily attributed to the effective closure of the Strait of Hormuz, which has severely disrupted global oil supplies and forced a reliance on more expensive alternatives.

Research from the New York Fed indicates that lower-income households are being hit hardest, spending significantly more at the pump despite reducing their overall consumption.

The escalating costs are creating a major economic and political challenge for the White House as the 2026 midterm elections approach.