By MICHELLE CHAPMAN, AP Business Writer

NEW YORK (AP) — The average price for a gallon of gasoline jumped 11 cents overnight to about $3.11 in the U.S., according to motor club AAA.

Related Articles

Target has another quarter of declining sales but there are signs of improvement to start 2026

Federal court rejects Trump administration attempt to slow tariff refund process

Trump expects his Fed pick and AI to deliver a replay of the ’90s boom. Economists have doubts

Should higher earners still make 401(k) catch‑up contributions?

US stocks erase sharp losses, while oil prices leap on worries about Iran war

Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.

On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.

Benchmark U.S. crude jumped 8.6% to $77.36 a barrel.

Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.