Brent crude rises 3.2% to $90.95 as U.S. and Iran exchange attacks
The national average for a gallon of regular gasoline stood at $4 on Monday, according to AAA, returning to a level it had not reached since mid-June. The average price a year ago was $3.14 a gallon.
The price is a national average, meaning drivers in some states have been paying well over $4 a gallon for a while, while others pay less, AAA said. Prices vary between states due to factors including nearby supply and differing tax rates. People around the world are also dealing with high gas prices as a result of the renewed attacks, according to the motor club.
Gas prices first went over $4 a gallon on average at the end of March. They dipped below that in mid-June and continued to fall as crude oil prices eased after the U.S. and Iran reached an interim deal, MSI previously reported. Even then, President Donald Trump expressed frustration that gas prices were not falling as quickly as oil prices, according to the Associated Press.
Oil prices have climbed again in recent days as the U.S. and Iran exchanged renewed attacks. Brent crude, the international standard, rose 3.2% to $90.95 per barrel Monday, and benchmark U.S. crude climbed 2.8% to $84.04 per barrel, according to market data.