Gas prices jump to their highest level since start of Iran war
Gas prices in the U.S. reached $4.18 per gallon on Tuesday, the highest since the Iran war began on February 28, driven by stalled peace talks and ongoing disruptions to oil supply. Prices surged nearly 7 cents overnight, reversing a brief decline seen after a short-lived ceasefire. Regional price spikes are expected in the Midwest due to local refinery issues, and economists warn of lasting economic impacts as higher fuel costs reduce consumer spending. Even if the conflict ends, gas prices are expected to remain elevated through the summer.
- ▪The national average gas price hit $4.18 per gallon, the highest since the war with Iran began on February 28, 2026.
- ▪Gas prices have risen by $1.20 per gallon since the start of the war, with a 7-cent jump overnight on April 28.
- ▪Oil prices climbed as peace negotiations stalled, with Brent crude near $111 a barrel and West Texas Intermediate just below $100.
- ▪Refinery issues in Indiana and Illinois contributed to regional price increases, pushing wholesale prices up by 40 to 50 cents.
- ▪Economists predict Americans will spend about $800 more on gas this year compared to pre-war trends, affecting consumer spending and inflation.
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MoneyWatch Gas prices jump to their highest level since start of Iran war .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham Updated on: April 28, 2026 / 12:50 PM EDT / CBS News Add CBS News on Google The average cost for a gallon of gasoline hit $4.18 on Tuesday, according to AAA, the highest level since the war in the Middle East began.Gasoline prices, which have risen by $1.20 a gallon since the war started on Feb.
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