The average price of regular gasoline in the United States rose sharply by 33 cents per gallon last week, reaching $4.39 on Friday, according to data from AAA. This increase marks one of the fastest weekly gains in recent years, comparable only to spikes observed shortly after the outbreak of the Iran war in March and following Russia’s invasion of Ukraine in March 2022.

Despite the U.S. being relatively insulated from supply disruptions in the Persian Gulf, the recent escalation in gasoline prices reflects the broader impact of global market shocks. Data from the Energy Department indicate a rapid decline in U.S. gasoline inventories, contributing to concerns about potential tightening of supplies. The Strait of Hormuz, a critical chokepoint for oil shipments, remains closed with no immediate prospect for reopening, adding to worries over fuel availability as the summer driving season approaches.

The volume of gasoline consumed daily in the U.S. is considerable, averaging about 375 million gallons. The recent price surge implies that consumers collectively spent approximately $125 million more on gasoline on Friday alone compared to the previous week. The increase in fuel costs is more pronounced in certain regions, particularly several Great Lakes states, where refinery-related factors have exacerbated price hikes.

Although the current price level is not the highest on record—regular gasoline peaked at $5.07 per gallon in June 2022—the pace of the recent increase is notable. The 33-cent jump represents a $1.41 rise over the past nine weeks, beginning just before the Iran war started, and stands as the highest nine-week increase in prices since at least the early 1990s.

As tensions in the Middle East persist and supply routes remain restricted, market analysts warn that gasoline prices could face further upward pressure in the near term, potentially affecting consumers nationwide during one of the busiest travel seasons of the year.