US Gas Prices Set to Stay Above $4 Through Midterms as Middle East Conflict Lifts Crude

The U.S. national average gas price stands at $4.27 a gallon, up nearly $1.30, or 43%, since the outbreak of the Iran war in February, and analysts told ABC News prices are unlikely to fall below $4 before Election Day on Nov. 3. Analysts attributed elevated prices to ongoing Middle East fighting that has damaged oil infrastructure and raised crude transport costs, compounded by reduced Russian fuel exports from the Russia-Ukraine war. Brent crude futures climbed above $112 a barrel on Thursday, a nearly 60% rise since the war began, after Iran and its Houthi allies claimed attacks on regional energy infrastructure. The IRGC Navy claimed Thursday it struck four vessels in the Strait of Hormuz. Even a peace deal would bring only delayed relief, analysts said, as retailers sell through costlier inventory and damaged refineries require lengthy repairs. GasBuddy analyst Patrick De Haan said gasoline "will not fall below $4/gal prior to the midterms."