Average gas prices near $4.50 a gallon as oil prices climb

The American oil price shot up from nearly $102 per barrel on Friday to over $105 per barrel on Monday, despite a plan to help ships traverse the Strait of Hormuz with help from U.S. forces.

By Kevin Killough

Published: May 4, 2026 2:41pm

The national average price of gasoline hit $4.46 on Monday, increasing a little more than $0.01 per gallon from Sunday and $0.35 per gallon from a month ago.

The national average price per gallon for unleaded is up 49% since the war in Iran began, NBC News reported.

Prices are now as high as they were in July 2022.

The American oil price shot up from nearly $102 a barrel on Friday to over $105 per barrel on Monday. Those prices are up from the lower $80s in mid-April.

President Donald Trump announced Sunday a plan called "Project Freedom," which aims to help ships move through the Strait of Hormuz, a vital artery through which 20% of the world's oil supply moves, by providing them with guidance from U.S. forces.