Stock market today: Dow, S&P 500, Nasdaq rise after Trump remarks on ending war with Hormuz closed

Gas prices crossed a national average of $4 per gallon early Tuesday morning as the war in Iran has continued to wrack the energy market, driving up oil prices around the globe.

The average price at the pump across the US hit $4.02 on Tuesday, its highest level since August 2022, according to AAA data, after climbing more than $1 over the past month from $2.98

This rise comes as the US-Iran war enters its fifth week and is the latest milestone to be reached by gas prices, which are now up about $1 on average from one month ago.

Underlying oil prices on international Brent crude (BZ=F) and US West Texas Intermediate crude (CL=F) have surged by roughly 50% each over the past month since the war began. Futures on the two energy products were trading around $107.80 per barrel and $102 per barrel, respectively.

On March 25, the Trump administration eased federal ethanol restrictions by issuing an emergency waiver for E15 gasoline, a move designed to increase the supply of a less expensive blend of fuel ahead of the warmer weather driving season. The White House also issued a temporary 60-day waiver on so-called “Jones Act” requirements that make domestic shipping more expensive.

Neither move, however, has managed to truly pull gas prices back across the country.

While consumers have had to shell out more money to fill up their vehicles over the past month, truckers have been paying even more. The national average for a gallon of diesel reached $5.45 on Tuesday.