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Energy prices have been high since the US-Israel war with Iran began and the strait of Hormuz was blocked US gas prices this month are so far the highest ever recorded for August as peace talks between the US and Iran have stalled and Donald Trump launched fresh threats against Oman. The national average price of gas was $4.06 per gallon on Monday, according to data from AAA , $0.05 higher than last week and $1 more expensive than a year ago. In California and Hawaii, averages hit about $5.50 a gallon. Energy prices have been high since the US-Israel war with Iran began at the end of February and the strait of Hormuz, a crucial waterway through which a fifth of the oil passes, was blocked. Brent crude, the global oil benchmark, reached $112 a barrel in March, a high not seen since 2022.
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On Monday, the US and Iran missed their 60-day diplomatic deadline to end the war, as both countries failed to reach an agreement on Iranβs nuclear program.
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