NEW YORK, March 5 (Xinhua) -- U.S. national average for a gallon of regular gasoline jumped nearly 27 cents since last week to 3.25 U.S. dollars per gallon on Thursday, said a release by the American Automobile Association (AAA).
"The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict," said the statement.
The recent increase puts the national average at the same price as it was in early April of 2025, according to the AAA.
Springtime typically sees higher gas prices as gasoline demand rises and summer-blend gasoline production begins, it added.
U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 dollars per barrel on Thursday, reaching their highest level since July 2024.
Oil prices jumped significantly after recent military strikes on Iran by the United States and Israel prompted Iran to effectively close the Strait of Hormuz, a corridor that typically carries around 25 percent of global seaborne oil.
Prolonged closure of the Strait of Hormuz could push crude oil prices toward 100 dollars per barrel and sustained high oil prices will cause a rise in headline consumer price index inflation and credit stress due to an oil-induced slowdown, according to a research note by U.S. wealth management and investment banking company Stifel on Tuesday. ■
