$PAXG Gasoline prices in the U.S. have surged by more than $1 per gallon since the conflict with Iran escalated, reaching an average of $4 for the first time since 2022.
According to data, the national average gasoline price was $2.98 on February 27, before the U.S. and Israel launched their attacks. This increase reflects concerns about global oil supply, which is sensitive to geopolitical instability in the Middle East.
Rising gasoline prices could put pressure on U.S. inflation, which remains above the Fed's target, and impact consumer spending. Global energy and commodity markets are closely monitoring developments, with Brent and WTI crude oil also experiencing significant volatility in recent weeks.
According to data, the national average gasoline price was $2.98 on February 27, before the U.S. and Israel launched their attacks. This increase reflects concerns about global oil supply, which is sensitive to geopolitical instability in the Middle East.
Rising gasoline prices could put pressure on U.S. inflation, which remains above the Fed's target, and impact consumer spending. Global energy and commodity markets are closely monitoring developments, with Brent and WTI crude oil also experiencing significant volatility in recent weeks.