Gas prices have surged following President Donald Trump’s renewed attacks on Iran, News.Az reports, citing The Independent.
On Thursday, the average gas price in the U.S. spiked by five cents per gallon to nearly $3.85, according to data from AAA.
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The U.S. military said it hit approximately 90 targets in an attack on Iran on Wednesday. Trump said he considers the ceasefire between the U.S. and Iran “over.”
Thursday’s price spike is the biggest single-day increase since May 6, according to CNN.
The spike ends more than a month of steadily decreasing gas prices. The average cost of gas dropped more than 70 cents from its peak earlier this year. That decline was driven largely by the Memorandum of Understanding that temporarily cooled the conflict between the U.S. and Iran.
Thursday’s spike followed a 6 percent surge in gasoline futures on Wednesday in response to the attacks. Gas futures continued to rise by a percentage point on Thursday.
