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Gas prices hit 4-year high amid Iran conflict uncertainty, squeezing US consumers this Memorial Day weekend

Market News
23 May 2026
24/7 Wall Street
View Source
Bearish
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Gasoline prices in the US have surged to a four-year high of $4.53 per gallon due to escalating tensions and unpredictable military actions involving Iran. This volatility stems from shifting US strategies and threats around the Strait of Hormuz, a critical oil shipping route, causing sharp fluctuations in oil prices and increased costs for shipping and insurance. The rising fuel costs act like a tax on households, reducing discretionary spending and contributing to a drop in consumer sentiment as inflation and debt burdens persist. While the economy remains stable for now, ongoing uncertainty in energy markets threatens to prolong supply disruptions and economic strain for consumers and businesses alike.

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