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Gas Prices in El Paso Surge Back to $4 Per Gallon Amid Global Tensions

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As of Monday, the average price for a gallon of gasoline in the U.S. has risen to $4, largely due to escalating conflicts between the U.S. and Iran, which have disrupted oil flows through the Strait of Hormuz. This marks a significant increase from an average of $2.98 before the conflict began. Following a brief decline after a June agreement between the two nations, prices have surged again due to renewed hostilities and a rise in crude oil prices, with Brent crude exceeding $90 per barrel. Analysts predict further increases of 10 to 25 cents per gallon in the coming week, coinciding with the peak driving season leading up to Labor Day.

Key Details: • Average gas price in the U.S. is now $4 per gallon. • Prices have risen from $2.98 before the conflict with Iran. • Brent crude oil prices have increased by 16% in the last week. • Expect gas prices to rise by 10 to 25 cents in the next week. • The peak driving season is expected to keep prices elevated until Labor Day.

economy oil gas-prices iran driving

People & Organizations

El PasoAAAStrait of HormuzTom Kloza

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