Gas prices eclipse US$4 a gallon in U.S., the highest since 2022

U.S. retail gasoline prices topped an average of $4.00 per gallon for the first time since 2022, driven by supply concerns as the Iran war lifts fuel prices globally. The move increases household fuel costs and adds upward pressure to inflation, likely weighing on consumer spending and energy-exposed sectors and heightening macroeconomic and policy risk.

Analysis

U.S. retail gasoline prices topped an average of $4.00 per gallon for the first time since 2022, driven by supply concerns as the Iran war lifts fuel prices globally. The move increases household fuel costs and adds upward pressure to inflation, likely weighing on consumer spending and energy-exposed sectors and heightening macroeconomic and policy risk.