U.S. gasoline prices climbed Tuesday to their highest level in four years, underscoring mounting pressure on consumers as geopolitical tensions involving Iran continue to disrupt global energy markets, The New York Times reports.

The national average price for regular unleaded gasoline rose to $4.18 per gallon, according to AAA. That marks the highest level since April 2022 and reflects a 1.6% increase in a single day — the largest percentage jump in more than a month.

Since the start of the conflict, gas prices have surged roughly 40%, adding to the financial strain on households already contending with elevated living costs.

The latest spike follows a sharp rise in crude oil prices, driven by stalled negotiations over reopening the Strait of Hormuz, a critical shipping route for global oil supplies. The waterway, situated between Iran and Oman, typically carries about one-fifth of the world’s oil, making any disruption a major concern for energy markets.

Brent crude, the international benchmark, climbed above $105 per barrel for July delivery before easing slightly.

Prices have gained more than $10 per barrel over the past week and remain over 40% higher than levels seen before U.S.-Israeli strikes on Iran earlier this year. Meanwhile, West Texas Intermediate crude, the U.S. benchmark, rose to around $101 per barrel.

Analysts say the uncertainty surrounding Iran’s nuclear negotiations and ongoing shipping disruptions is fueling volatility in oil markets, which in turn is quickly translating into higher prices at the pump.

Gasoline prices typically lag crude movements, suggesting further increases could be ahead if tensions persist.

Diesel prices have risen even more sharply, reaching $5.46 per gallon — up about 45% since the conflict began. Higher diesel costs can ripple through the broader economy, increasing transportation and shipping expenses that may ultimately be passed on to consumers.

Despite rising energy costs, stock markets have shown resilience, hovering near record highs.

Investors are closely watching upcoming earnings reports from major technology companies and the Federal Reserve’s next interest rate decision for clues on the economic outlook.

For now, drivers are bearing the brunt of the energy market surge, with little relief in sight as geopolitical risks remain elevated.