The average price per gallon of unleaded gas in the U.S. has risen to about $3.54 per gallon, the highest level since mid 2024, according to AAA. This is a 21% increase from a month ago. The rise in gas prices began last week after the US.-Israeli strike on Iran and the ensuing conflict disrupted the key Strait of Hormuz, leading to the biggest oil supply disruption in history. Saudi Arabian oil giant Aramco CEO Amin Nasser warned that the war could have "catastrophic consequences" for the global oil market. The price of gas is expected to undermine President Donald Trump's focus on lowering the cost of living, a key issue ahead of the US midterm elections. If crude oil prices continue to rise, retailers may need to "chase" higher price tags to mitigate margin pressure.