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US Gas Prices Hit Four-Year High of $4.50 as Strait of Hormuz Crisis Deepens

Average US gas prices rose to $4.51 a gallon, the highest in nearly four years, due to the ongoing war in Iran and the restriction of the Strait of Hormuz. The price increase of 21 cents since last Thursday adds to a total rise of $1.54 since the conflict began on February 28. US Central Command launched "Project Freedom" to guide commercial ships through the strait after Iranian forces fired on vessels and seized two container ships. Defense Secretary Pete Hegseth called for an end to maritime restrictions, stating innocent ships should be allowed to pass freely.

Key Points: US Gas Prices Hit $4.50 High Amid Hormuz Crisis

  • US gas prices hit $4.51/gallon, highest since July 2022
  • War in Iran and Strait of Hormuz restriction drive up costs
  • Prices have risen $1.54 since war began on Feb 28
  • US launches "Project Freedom" to guide ships through strait
2 min read

US gas prices hit four-year high of USD 4.50 as Strait of Hormuz bottleneck persists

Average US gas prices topped $4.50 a gallon, a four-year high, as the Strait of Hormuz bottleneck persists due to the Iran war, driving up costs for motorists.

"US gasoline inventories are already at multi-year seasonal lows, which means prices will face even more upward pressure. - Patrick DeHaan"

New Delhi, May 6

Average US gas prices topped USD 4.50 a gallon on Tuesday, the highest level recorded in nearly four years, according to an ABC News report.

This price milestone comes as the war in Iran continues and the Strait of Hormuz, a critical channel for international oil trade, remains restricted, impacting global energy flows and driving up costs for American motorists.

Citing data from GasBuddy, the report noted that the average price for a gallon of regular unleaded gas jumped to USD 4.51 on Tuesday. This represented the highest national average since July 17, 2022.

Patrick DeHaan, the head petroleum analyst for GasBuddy, said that he expected gas prices to keep rising in the absence of a peace deal to end the war.

"US gasoline inventories are already at multi-year seasonal lows, which means prices will face even more upward pressure," the report quoted DeHaan. The cost of gasoline across the country rose 21 cents a gallon since last Thursday. Since the war in Iran began on February 28, the national average has increased by a total of USD 1.54 a gallon, according to GasBuddy.

In an effort to stabilize the situation and break the bottleneck in the Strait of Hormuz, US Central Command forces launched "Project Freedom" on Sunday. The initiative aimed to guide commercial ships through the waterway following a blockade of Iranian ports ordered by President Donald Trump in early April.

"Gen. Dan Caine, chairman of the Joint Chiefs of Staff, said during a press briefing on Tuesday that since a ceasefire went into effect in early April, Iranian military forces have fired on commercial vessels trying to get through the strait nine times and have seized two container ships. Caine said U.S. forces have also been attacked 10 times," the report stated.

Defense Secretary Pete Hegseth addressed the situation during the briefing, calling for the end of the maritime restrictions.

"Let innocent ships pass freely," the report quoted Hegseth. "We're not looking for a fight. But Iran also cannot be allowed to block innocent countries and their goods from an international waterway."

At the time of filing this report, market figures showed Brent Crude standing at USD 108.11 and Crude oil at USD 100.69.

- ANI

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Reader Comments

S
Sarah B
$4.50 a gallon? In Canada we already pay around $6.50 USD equivalent. But this is a global crisis. Iran blocking the strait and the US trying to force its way through—innocent countries like India get caught in the crossfire. We need diplomacy, not project 'Freedom'.
V
Vikram M
As an Indian, I watch this with concern. Our oil imports are heavily dependent on the Gulf. The US can use its military to 'guide ships', but we don't have that luxury. Higher fuel prices will push inflation up in India too. Modi ji should start engaging both sides for peace.
R
Rohit P
The US is paying for its foreign policy adventures. Trump's blockade of Iranian ports was bound to backfire. Now innocent American motorists are suffering. Meanwhile, India should quickly fill its strategic petroleum reserves—Brent at $108 is no joke.
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Priya S
$4.51/gallon? In Delhi I'm paying ₹94/litre for petrol. That's about $4.70 per gallon. We are in the same boat. But the solution is not military force—it's dialogue. India has good relations with both Iran and the US. We must use our diplomatic channels.
K
Kavya N
Interesting how 'Project Freedom' means the US Navy escorting ships through a strait it helped create a blockade for. Hypocrisy much? As an Indian, I'm just worried about my monthly budget. At this rate, my auto-rickshaw driver will double his fares. 😤

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