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U.S. gasoline average tops $4 per gallon as oil jumps

AAA data show the average price rose to $4.0030 per gallon on July 20, up from $3.8720 a week earlier.

Reported · Written up by our desk · Energy

U.S. gasoline prices climbed back above $4 per gallon on Monday as crude oil strengthened amid renewed Middle East tensions, including actions affecting traffic through the Strait of Hormuz, according to AAA data cited by OilPrice.

As of July 20, the national average price for a gallon of regular gasoline was $4.0030. That compares with $3.8720 per gallon on Monday last week, and $3.1410 at this time last year.

OilPrice said fuel costs have been pressured by a “war premium” tied to the regional conflict, after a brief late June pause when the Strait of Hormuz was tentatively open and millions of barrels of crude reportedly moved out of the Persian Gulf.

The outlet also pointed to oil’s recent momentum, noting that oil prices jumped by 16% last week and that crude is the largest component in gasoline price formation, expected to feed through to pump prices.

Latest closeWTI crude $79.00 ▼0.8%|Gasoline (RBOB) $3.114 ▼5.7%

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