US gas prices climb back to $4 a gallon as Iran war lifts oil
Why it matters: Higher fuel costs are returning ahead of the midterms, with Brent crude above $90 and diesel at $5.11 a gallon.
The US average price for regular gasoline rose back to $4 a gallon on Monday, according to AAA, as renewed fighting between the United States and Iran drove oil prices higher. The national average is up 13 cents from a week ago and well above the $3.14 level a year earlier. Brent crude climbed above $90 a barrel, while West Texas Intermediate traded above $84. Diesel also kept rising, reaching $5.11 a gallon. The latest jump follows a short drop below $4 in June after an interim US-Iran deal eased crude prices. Higher pump prices are emerging again during the summer driving season and could add pressure to household budgets before November's midterm elections.