FX.co ★ Gasoline prices in US again top psychological $4‑per‑gallon mark

Escalating geopolitical conflict in the Middle East has triggered another spike in motor fuel prices in the United States. According to fresh data from the American Automobile Association (AAA), the average price of gasoline at US pumps has once again breached the psychological threshold, reaching $4.003 per gallon (about 3.79 liters). Oil futures surged after a series of renewed attacks on commercial tankers in the strategically important Strait of Hormuz and following a strike on a refinery in Kuwait. Over just ten days, the average pump price rose by 20 cents, surpassing $3.98 by July 16 and extending its climb.

Bloomberg analysts note that US retail fuel prices remained abnormally high even in June, when global crude benchmarks temporarily eased. This was driven by a confluence of systemic factors: a significant reduction in Russian refining capacity, low import volumes into the US market, and critically constrained gasoline inventories in storage. All of this coincided with the traditional peak in demand during the summer driving season.