Gas prices highest since 2023: AAA

Regular gas prices are at their highest since 2023 amid the U.S. and Israeli conflict against Iran, according to AAA, The Associated Press reported.

On Wednesday, according to AAA, the average price of a gallon of regular gasoline nationally hit over $3.84, with gas prices not being this high since September 2023, the AP reported.

Along with gasoline, the cost of diesel fuel has soared since the war began. Diesel prices averaged $3.65 per gallon a month ago but now stand at more than $5, according to AAA. This is the second time ever that the average diesel price reached $5 per gallon, the first time being in 2022 after Russia invaded Ukraine, according to GasBuddy.

Diesel, like gasoline, is made from oil. It’s often used to fuel large trucks used in shipping, which means high diesel prices could lead to higher prices on shipped goods.

Amid the conflict against Iran, the country has intensely restricted traffic in the Strait of Hormuz, where about one-fifth of the world’s oil supply passes through. Earlier this week, President Trump pushed for other countries to help in dealing with the closure of the strait.

“We strongly encourage the other nations to get involved with us, and get involved quickly and with great enthusiasm,” Trump told reporters.

However, Trump’s push for help with the Middle Eastern waterway received cold receptions from American allies.

“We are not party to the conflict and therefore France ​will never take part in operations to open or liberate the Strait of Hormuz in the current context,” French President Emmanuel Macron said during a cabinet meeting on Tuesday, according to Reuters.

The Iranian government on Wednesday warned of striking oil and gas facilities in Qatar, Saudi Arabia and the United Arab Emirates, due to an attack on its South Pars natural gas field.

Iran warned it would aim for Saudi Arabia’s Samref Refinery and its Jubail Petrochemical Complex, the United Arab Emirates’s Al Hasan Gas Field and petrochemical plants and a Qatar refinery, per the AP.

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