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The average U.S. gasoline price rose above $4 per gallon on July 20 as fighting between the United States and Iran continued to restrict oil shipments through the Strait of Hormuz.
The nationwide average price of regular gasoline reached $4.003 per gallon, according to the American Automobile Association, after standing just below the politically sensitive threshold on July 19.
“Instability along the Strait of Hormuz is contributing to the increase at the pump,” the association said in a recent note.
The last time the national average stood at $4 or higher was June 17, when it was about $4.02 per gallon.
Brent crude futures were down by 16 cents, or 0.2 percent, at $87.94 per barrel by 5:22 a.m. ET after hitting $91.42, the highest level since June 11. …
The nationwide average price of regular gasoline reached $4.003 per gallon, according to the American Automobile Association, after standing just below the politically sensitive threshold on July 19.
“Instability along the Strait of Hormuz is contributing to the increase at the pump,” the association said in a recent note.
The last time the national average stood at $4 or higher was June 17, when it was about $4.02 per gallon.
Brent crude futures were down by 16 cents, or 0.2 percent, at $87.94 per barrel by 5:22 a.m. ET after hitting $91.42, the highest level since June 11. …
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