Gas prices hit $4.23 per gallon, a new high for the year
By Rob Wile
Published on April 29, 2026.
U.S. gas prices have hit a new record since the start of the Iran war, rising to $4.23 per gallon, according to AAA. This comes amid a dual blockade by the US and Iran of the Strait of Hormuz, a key chokepoint for transiting crude and petroleum-based products out of the Persian Gulf. The price of Brent crude now stands at $114.60, up nearly 25% from the recent low seen April 17. Despite the price surge, households are spending less on gasoline than during peaks seen in 2008, 2011 and 2012. The Bank of America report found that only lower-income households are seeing a significant impact from higher gas prices.
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