US gas prices hit 4-year-high ahead of Memorial Day weekend

As US travelers are hitting the road for vacation over Memorial Day weekend, gas prices will be the highest they've been in four years. This comes amid ongoing tensions in the Middle East surrounding the Strait of Hormuz and the conflict between the US and Iran.

On Thursday, gas prices on average hit $4.56 a gallon, which is up three cents over last week and up $1.38 more than this time last year, per AAA. The price is close to what Americans were paying four years ago per gallon of gas.

Over the last 24 hours, the IRGC has claimed that 31 ships have gone through the key waterway, per CGTN, which is responsible for a large share of fuel shipments, and much of the oil exported out of Iran goes to China and elsewhere in the region. However, CENTOM said this week that the blockade from the US remains in full force and that 97 ships have been turned away.

Although the US is not dependent on the supply of oil flowing out of Iran and passing through the Strait of Hormuz, the shrinkage of international supply has raised prices across the board. At the same time, President Donald Trump has been pushing for toll-free passage through the strait, something that the Iranian regime has been taking advantage of.

On Friday, Secretary of State Marco Rubio said, “They're trying to convince Oman, by the way, to join them in this tolling system in an international waterway. There is not a country in the world that should accept that. I don't know of a country in the world that's in favor of it, except Iran, but there's no country in the world that should accept it."

“I don't know of anyone in the world that should be in favor of a tolling system in an international waterway, that's just not acceptable. It can't happen," he added.