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Gas prices in the U.S. crossed the $4 threshold again as escalating tensions between Washington and Tehran amid the U.S.- Israel-Iran war cast a shadow of uncertainty over the global crude oil supply chain.
Prices Did Not Surge Like This in 2008
In a post on X, GasBuddy analyst Patrick De Haan said that the average price of gas hit $4 again, saying that 2026 was “the first year ever to reach $4 in two separate surges,” he said, outlining the price rise following the U.S.-Israeli joint operation that kicked off the Iran war after the country’s former Supreme Leader Ayatollah Ali Khamenei was killed in missile strikes.
De Haan then said that such a price surge was unprecedented. “That didn’t happen in 2008, not in 2022, not ever. two $4 runs in the same year,” he said in his post.
According to the American Automobile Association (AAA) data, the average price for a gallon of gas was $4.0030 on Monday, with California prices being the highest in the country at an average of $5.4970/gallon.
Oil prices, however, came down, with Brent crude trading at $88.78/bbl at press time and the West Texas Intermediate (WTI) at $82.39/bbl at the time of writing this article. United States Oil Fund USO shares were up 0.32% to $125.91 during overnight trading on Monday.
Iran War
As tensions escalate, the U.S. Central Command (CENTCOM) announced it had conducted fresh strikes on Iranian targets, with President Donald Trump saying that the strikes were in retaliation for U.S. troops killed in missile exchanges between the U.S. and Iran.
However, Iran’s Speaker of the Parliament, Mohammad Bagher Ghalibaf, said that Iran was aware of the U.S.’s tactics and slammed the Trump administration for contradicting claims about wanting to end the war as well as for "bringing new military equipment into the region."
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This article Analyst Warns Gas Prices Entered Uncharted Territory Not Seen Even in 2008 originally appeared on Benzinga.com.
