US Gas Prices Hit $4.23 as Crude Oil Surges Above $100 per Barrel

US Gas Prices Hit $4.23 as Crude Oil Surges Above $100 per Barrel 

Fuel prices in the United States have climbed sharply, with the national average for gasoline prices rising to $4.23 per gallon, the highest level since July 2022, driven by rising crude oil costs and renewed global supply concerns.

Data from the American Automobile Association (AAA) shows that as of April 29, 2026, the price of regular unleaded petrol increased significantly across most US states, reflecting tightening supply conditions in global energy markets.

The latest jump represents a 21-cent increase in just one week, equivalent to about 5%, marking the steepest weekly rise in gasoline prices in recent months. Analysts say the sudden spike highlights the volatility in the global oil market and its direct impact on retail fuel costs.

Energy market reports also indicate that US crude oil prices have crossed $100 per barrel, a key psychological threshold that often signals higher fuel prices for consumers in the short term.

The surge in oil prices is being linked to ongoing geopolitical tensions affecting global supply routes, including disruptions in major maritime corridors critical for crude transportation. These developments have raised fears of tighter global supply.

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Earlier in the month, gasoline prices had briefly eased to around $4.02 per gallon following a temporary stabilisation in global tensions. However, renewed uncertainty in international negotiations and supply chain disruptions has reversed those gains.

Market analysts note that the breakdown in diplomatic progress and continued instability in key oil-producing regions have contributed to fresh upward pressure on global oil prices.

The rise in crude oil above $100 per barrel is expected to further increase refinery costs, potentially leading to additional increases in petrol prices in the coming weeks, especially as seasonal demand strengthens in the US.

For consumers, the latest increase translates into higher transportation costs, adding pressure to household budgets already affected by inflation in food, housing, and services.

Economists warn that sustained high oil prices could prolong inflationary pressure in the US economy, depending on how global supply conditions evolve in the coming weeks.

US Gas Prices Hit $4.23 as Crude Oil Surges Above $100 per Barrel