US gas prices up 50 cents since the war with Iran started

Gas prices in the US rose by about 3 cents according to the latest report from AAA. This increase is the smallest seen in the past week, bringing the average cost of a gallon of regular gas to $3.48. Since the war in Iran began, prices have gone up nearly 50 cents, which is a rise of about 17%. At the same time, crude oil prices increased by more than 11% during early trading on Monday, pushing the cost of a barrel of West Texas Intermediate, the main US crude oil, over $100 for the first time since Russia invaded Ukraine in 2022. The gas price figures come from surveys of gas stations conducted the day before. Therefore, the Monday report and the 4-cent rise on Sunday reflect changes that happened over the weekend, as noted by analysts. Last week, gas prices were mostly stable according to Sunday’s report, which was taken on the day US and Israeli attacks on Iran started, with only a 1-cent increase reported on Monday. However, there was a significant jump of 11.2 cents in Tuesday's report, which was recorded on the first weekday after the attacks. This was the largest single-day increase since Hurricane Katrina.