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US gas prices hit record high for August
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
US gas prices hit record $4.07 per gallon for August as Iran talks stall.
Americans face the most expensive August ever at the pump, straining household budgets.
Background
Gas prices have surged since the US-Israel war with Iran began in late February, blocking the Strait of Hormuz, a key oil passage. Peace talks have stalled, and fresh threats from President Trump have kept prices elevated. The national average reached $4.07 per gallon, the highest ever for this time of year, with diesel also at record levels.
How it unfolded
- Feb 2026US-Israel war with Iran begins; Strait of Hormuz blocked, disrupting oil supplies.
- Mar 2026Brent crude peaks at $112 a barrel, highest since 2022.
- May 2026Gas prices peak at $4.56 a gallon before briefly retreating.
- Jul 2026Congressional committee reports Americans paid $56.4bn extra for gas since war start.
- Aug 12, 2026GasBuddy reports national average above $4 after Aug. 12 for first time ever.
- Aug 13, 2026National average hits $4.07, record for the date; diesel at $5.40.
- Aug 17, 2026US and Iran miss 60-day diplomatic deadline; Trump threatens to bomb Oman.
Who’s saying what
- Analysts
- Patrick De Haan warns Middle East tensions may push prices to record highs.
- Official
- President Trump asserts US control over Strait of Hormuz, downplaying constraints.
- Public
- Half of Americans surveyed struggle with gas and grocery costs, calling it an affordability crisis.
Still unverified
Claims of US control over Strait of Hormuz are disputed; actual oil flow constraints persist.