US gas prices have surged to their highest level in four years, with the national average reaching $4.18 (£3.31) a gallon on Thursday. The last time prices exceeded $4.15 was in April 2022, shortly after Russia's invasion of Ukraine. Motorists are now paying $1 more per gallon than a year ago.
The rise follows a gridlock in negotiations to reopen the Strait of Hormuz, a critical chokepoint for global oil shipments. Brent crude, the international benchmark, hit $111 a barrel on Tuesday, while West Texas Intermediate hovered near $100. Both are significantly above pre-war averages.
Prices vary sharply by state. In oil-producing Texas, a gallon costs $3.72, while California, which relies more on imports, sees an average of $5.96. The disparity reflects differing exposure to global supply disruptions.
Donald Trump reportedly expressed dissatisfaction with Iran's proposal to reopen the strait, which would require the US to lift its naval blockade. Trump later posted on social media that Iranian leaders described their country as in a 'state of collapse' and eager to resume shipping. Meanwhile, the United Arab Emirates announced it would leave Opec, a move seen as a boost for Trump, who has accused the cartel of inflating prices.
Higher oil prices have benefited Western energy firms. BP reported on Tuesday that its first-quarter profits more than doubled to $3.2bn (£2.4bn), as the war in Ukraine continues to reshape global energy markets.
