The average price of petrol at US pumps has surpassed $4 (about R68) a gallon (3,78 litre), the American Automobile Association (AAA) reported on Tuesday, marking the highest level in nearly four years amid the ongoing Iran conflict.

The average price stood at $4.02 per gallon as of Tuesday morning, according to AAA data. Prices have risen from less than $3 at the end of February.

The last time prices exceeded $4 was in August 2022, according to the US Energy Information Administration. In mid-2022, prices climbed to $5 a gallon during the Covid-19 pandemic and following Russia’s invasion of Ukraine.

Petrol prices reached $5.88 per gallon in California, the nation’s most expensive petrol market, AAA said, followed by Hawaii ($5.45) and Washington ($5.34).

Iran has effectively blocked the Strait of Hormuz to the United States, Israel and entities conducting business with them. The waterway carries approximately one fifth of global crude oil and liquefied natural gas during peacetime.

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President Donald Trump said he expects a negotiated settlement would be reached soon, but warned that if no agreement is made or if Iran continues blocking the strait to most sea traffic, US forces would destroy Kharg Island and all of Iran’s oil wells and electricity generation facilities.

Oil prices declined on Tuesday and stocks showed mixed performance as investors assessed reports suggesting a potential agreement could be reached even if the strait remained closed. Both main oil contracts fell almost 1% on Tuesday but remained above $100 a barrel.

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The price increases coincide with the approaching summer travel season, with prices expected to rise further due to the Iran conflict. The development presents political risks for Trump ahead of crucial midterm elections scheduled for later this year.

The US primarily imports oil from Canada and Mexico, reducing its direct exposure to Middle East supply disruptions. However, prices have risen due to globally connected energy markets.

• The South African government is yet to announce the countries fuel price for April which goes up at midnight tonight. Petrol is expected to rise by about R6 per litre and diesel with as much as R11 per litre. The fuel levy increases are also set to kick in tonight.

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