Gas prices in the US have reached a new high of $4.15 per gallon, with diesel prices even higher at $5.68 per gallon, according to UPI.
The increase is largely due to a military standoff in the Persian Gulf, specifically at the Strait of Hormuz, a crucial oil route.
The US has announced it will block all maritime traffic entering and exiting Iranian ports, but will not impede ships going to and from non-Iranian ports.
This move comes in response to an ongoing Iranian blockade that has already affected global oil supply for weeks.
Markets have reacted quickly, with Brent crude oil rising 7% to $102 per barrel and West Texas crude increasing 7.8% to $104 per barrel on Monday morning.
Energy expert Michael Lynch warns that the situation is an 'insult to injury' for people already facing high costs, and prices are expected to rise again due to the ongoing blockades.
