Gas prices rise to $4.46 per gallon and oil jumps as shippers stay out of Strait of Hormuz

Iran warGas prices rise to $4.46 per gallon and oil jumps as shippers stay out of Strait of HormuzIn some parts of California, unleaded gas soared to more than $7 per gallon on Monday.Listen to this article with a free account00:0000:00Gas prices rise to around $8.00 per gallon on Wednesday in Ludlow, Calif.David McNew / Getty ImagesShareAdd NBC News to GoogleMay 4, 2026, 12:08 PM EDTBy Steve Kopack and Yuliya TalmazanThe national average price of gas pushed higher Monday to $4.46 per gallon, as oil futures rose again after three days of declines, increasing the direct cost to consumers of the war with Iran.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.U.S. crude oil rose over 4% to more than $105 per barrel in midday trading, while international Brent crude oil rose 5% to more than $114 per barrel. Wholesale gas prices also jumped 4%.Since the Iran war began in late February, the national average price of unleaded gas has risen 49%. The renewed rise in oil prices came despite President Donald Trump announcing a plan Sunday dubbed "Project Freedom," under which the United States will "guide" commercial vessels through the Strait of Hormuz. More than 20% of the world's oil supplies typically transit the strait every day, but the war has halted that traffic.Trump's announcement appeared to fall short of naval escorts, which shipping companies and insurers say are what would be required for them to send their ships through the waterway again.As of Monday morning, the shipping industry had not received details or guidance regarding “Project Freedom," said Jakob Larsen, chief safety and security officer with the Baltic and International Maritime Council (BIMCO), which counts more than 2,000 shipping companies among its members. As the war drags on, U.S. consumers are now spending around $1 billion more per day in higher fuel costs than they were before the start of the war, according to longtime oil industry analyst A...