US gas, diesel at $4.12 highest this time of year
Gas and diesel prices in the US just hit their highest levels ever for this time of year, with the national average at $4.12 per gallon on Monday (AAA data).
That's even higher than the previous high of $4.07 on the same day in 2022, mostly because global tensions are shaking up the oil market again.
Hormuz tensions lift US fuel prices
This price jump is tied to tensions in the Strait of Hormuz, a crucial route for oil shipments.
As crude oil gets pricier, costs ripple out to things like flights and groceries too.
Even though there's talk of U.S.-Iran negotiations that could help, Energy Secretary Chris Wright says we might be stuck with these high prices for a while.
The EIA predicts some relief later in the year if things calm down, but for now, it's a tough stretch for anyone filling up or shopping.