The global impact of the war in Iran has caused the average price of gasoline in the United States to rise above $4 per gallon for the first time since 2022. Prices have risen by more than 30% since late February, reflecting an energy shock affecting the entire economy.
WTI crude front-month futures closed above $111/bbl, the highest closing on record since 2014. Meanwhile, ICE Brent closed above $109/bbl.