US fuel prices reach record highs amid conflict with Iran

US fuel prices have reached an average of $4.18 per gallon, the highest level since the start of the conflict with Iran on February 28. According to data from the American Automobile Association (AAA), this represents a 40% increase compared to pre-conflict prices of $2.98 per gallon. Analysts attribute the surge to the de facto closure of the Strait of Hormuz, a critical global maritime corridor. Despite the increase, US fuel remains cheaper than in Europe, costing approximately €0.94 per litre compared to over €2 per litre in countries like Germany and Greece. The US administration faces significant political pressure, as President Donald Trump's campaign pledge to halve fuel costs appears increasingly unattainable ahead of the midterms. While the first source cites the February 28 start date, the Greek text additionally references a historical comparison to the Russia-Ukraine conflict in February 2022. Global supply disruptions continue to impact energy markets worldwide. The administration maintains lower taxes and higher domestic production, which partially mitigates the burden on American consumers compared to international standards.