Gas prices hit seasonal record as Mideast shipping route stays shut

The average U.S. gas price hit its highest level ever recorded for this point in the year on Wednesday, according to fuel-price tracker GasBuddy. The national average was sitting just over $4 a gallon Wednesday morning, topping the previous high of about $3.98 a gallon set on Aug. 12, 2022.

The increase comes amid an ongoing conflict between the United States and Iran that began in February, which has effectively closed the Strait of Hormuz, a waterway through which roughly 20% of the world's oil consumption passes.

Iran and Oman said last week they were nearing an agreement to reopen the strait. A top Iranian official listed demands for the U.S., including ending its naval blockade, lifting sanctions on Iran, and paying war reparations.

President Trump said Wednesday that the U.S. maintains control over the strait through its naval blockade, and separately said Iran should compensate people harmed by its past actions.

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