U.S. gas prices have surged to $4.54 per gallon, marking the highest level since July 2022, driven by a 30-cent increase over the past week and a more than 50% rise since the onset of the Iran conflict. This price movement reflects heightened risk appetite and inflation repricing as geopolitical tensions disrupt supply chains. Natural gas markets are particularly exposed, with traders concerned about potential supply shortages and increased demand for alternative energy sources. The upcoming weekly inventory report from the Energy Information Administration (EIA) will be a key catalyst for assessing supply dynamics and potential price adjustments.
U.S. GAS SURGES TOWARD RECORDS U.S. gas prices hit $4.54 per gallon—the highest since July 2022—after rising 30 cents in a week and over 50% since the Iran conflict began. Prices are nearing the $5.02 record.
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