Gas Prices Increase Amid Recent U.S. Attacks On Iran

The average gas price in the U.S. spiked by five-cents per-gallon to nearly $3.85. That marked the biggest single-day increase since the beginning of May.

Gas prices have spiked in response to President Trump’s resumed attacks on Iran.

On Thursday, the average gas price in the U.S. spiked by five-cents per-gallon to nearly $3.85. That marked the biggest single-day increase since the beginning of May.

The spike ends over a month of steadily decreasing gas prices. The average cost of gas dropped over 70-cents from its peak earlier this year.

The decline was largely attributed to the Memorandum of Understanding that temporarily settled the conflict between the two countries. However, the U.S. military said it hit approximately 90 targets in an attack on Iran earlier this week following an attack on three vessels in the Strait of Hormuz.

Trump said he considers the ceasefire between the U.S. and Iran to be “over.” Thursday’s spike followed a 6% surge in gasoline futures on Wednesday in response to the attacks.