Gas prices hit $4.23 per gallon, a new high for the year

Iran warGas prices hit $4.23 per gallon, a new high for the year As the Iran war enters its third month with peace talks stalled, the global energy crisis shows no sign of letting up.Listen to this article with a free account00:0000:00Fuel prices at a Brooklyn gas station in New York, on Tuesday. The average price of unleaded gas is up 40% nationwide since late February. Spencer Platt / Getty ImagesShareAdd NBC News to GoogleApril 29, 2026, 6:13 AM EDTBy Rob WileU.S. gas prices have hit a fresh record since the start of the war with Iran, rising to an average nationwide of $4.23 per gallon Wednesday, according to the motor club AAA.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.The grim milestone comes as oil prices have surged higher over the past week amid a dual blockade by the U.S. and Iran of the Strait of Hormuz, the key chokepoint in the region for transiting crude and petroleum-based products out of the Persian Gulf.The price of Brent crude, the international benchmark that influences the price of U.S. gasoline prices, now stands at $114.60, up nearly 25% from the recent low seen April 17 and just a few dollars away from the recent high of $118.A day earlier, AAA recorded the biggest single-day increase in more than a month, with prices rising $0.07. Gasoline prices have climbed $1.25 a gallon, or more than 40%, ​since prior to the war’s start in late February.The surge in oil prices have compounded the typical price increases seen this time of year as refineries undergo maintenance and the spring-summer driving season begins to kick off. Many gas stations have also sought to artificially keep prices below the $4 threshold by reducing their own profit margins, said Tom Kloza, chief energy advisor to Gulf Oil. But they can only stomach lower margins for so long, he said.“This is the most serious squeeze, in terms of margin suppression, we’ve seen for retailers since 2020,” he said. A Chevron gas station, on...