Overview
- U.S. forces renewed strikes on Iran this week after exchanges in the Strait of Hormuz, a move that officials and reports say ended the temporary ceasefire.
- Markets reacted quickly with U.S. crude climbing roughly 6.5% to about $75 per barrel after the latest escalation.
- The national average for regular gasoline is about $3.80 a gallon now, but analysts warn renewed tension could push that average toward $4 in the coming days.
- California drivers already face far higher pump costs, with state and Los Angeles County averages near $5.38 and $5.40 per gallon respectively, underscoring wide regional variation.
- Consumers and advisers are responding with tools and tactics such as ABC News’s gas-cost calculator, budget resets, comparison apps and fuel rewards while experts warn high volatility makes short-term price direction unpredictable and broader supply disruptions could raise costs for shipping and groceries.