US gas prices surge to their highest since October 2023 | CNN Business

Oil and gas prices remained high Monday following attacks on Middle East oil facilities over the weekend – and after the White House suggested the war with Iran could last several more weeks. Gas prices in the United States rose 2 cents to just under $3.72 a gallon on average, according to AAA. That’s the highest price for regular gas since October 7, 2023. Since the start of the war with Iran, gas prices have surged 74 cents a gallon. The 26.9% gain in US gas prices over the past month is the largest monthly increase since Hurricane Katrina. The spike threatens one of President Donald Trump’s biggest talking points: that gas prices have dropped during his second term, including falling below $3 a gallon in December – the lowest since May 2021. Diesel has gained even more since the war began, rising by $1.24. It now averages $4.99 a gallon, coming close to hitting $5 for the first time since December 2022. Some trucking companies are already adding hefty fuel surcharges, and those costs could get passed on to consumers. On Monday, Brent crude, the global benchmark, rose slightly, to $103.50 a barrel. WTI, the US benchmark, was down 1% on the day to around $98 a barrel. Both