US gas prices edged up about 3 cents in the latest reading from AAA. That was the smallest increase in the past week, lifting the price for a gallon of regular to $3.48.
Prices have now increased nearly 50 cents, or about 17%, just since the start of the war in Iran.
Meanwhile, crude oil prices were up more than 11% in trading early Monday, taking the price of a barrel of West Texas Intermediate, the benchmark US crude oil, more than $100 a barrel for the first time since Russia’s invasion of Ukraine in 2022.
The retail gas price readings are based upon surveys of gas stations the day before, so the Monday reading, as well as Sunday’s 4-cent-a-gallon increase, were the gains that took place over the weekend, analysts said.
Last week, gas prices were essentially unchanged in Sunday’s reading, taken the day US and Israeli attacks on Iran began, and up only one cent on Monday.
But then prices shot up 11.2 cents in Tuesday’s reading, taken on the first weekday after the attacks. This marked the largest one-day gain since Hurricane Katrina.
Source: CNN
- Agencies
