US gas prices hit $4.23 high as Hormuz fears drive oil surge

Blockade threat in vital strait and Trump’s stance lift crude, pushing pump prices to highest level since 2022

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Average US gas prices have hit a new high at $4.23 per gallon, their highest since 2022 and a record since the start of the war with Iran, according to the motor club AAA.

The price of Brent crude, the benchmark that influences the price of US gasoline prices, now stands at $114.60 a barrel, up nearly 25% from the recent low since mid-April. US gas prices a year ago averaged $3.16.