Gas prices hit $4.23 per gallon, a new high for the year

U.S. gas prices have hit a fresh record since the start of the war with Iran, according to the motor club AAA.

U.S. gas prices have hit a fresh record since the start of the war with Iran, rising to an average nationwide of $4.23 per gallon Wednesday, according to AAA.

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The milestone comes as oil prices have surged higher over the past week amid a dual blockade by the United States and Iran of the Strait of Hormuz, the key chokepoint in the region for transiting crude and petroleum-based products out of the Persian Gulf.

The price of Brent crude, the international benchmark that influences the price of U.S. gasoline prices, stands at $114.60, up nearly 25% from the recent low seen April 17 and just a few dollars away from the recent high of $118.