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US average fuel price passes $4 a gallon for first time in four years amid Iran war

The Guardian: Gold & Commodities Tier 1 2026-03-31 13:23 UTC 📖 1 min read Bullish

US gasoline has surged above $4 a gallon nationally for the first time in four years, with AAA putting the average at $4.02 on Tuesday versus $2.98 a month ago. West Coast pricing is far tighter: California is averaging $5.89/gal and Washington $5.35/gal, underscoring a rapid pass-through from the Iran war into consumer energy costs. The oil shock is the clear driver, with Brent crude reaching $115.48/bbl as US-Israel strikes on Iran raise supply-disruption fears. The piece frames this as a politically sensitive inflation impulse for the White House, especially with midterm elections later this year and Trump already trying to downplay the economic hit. For precious metals, the setup is supportive on the margins via higher inflation expectations, geopolitical risk premia and a potential bid for gold as a macro hedge. Near-term attention should stay on whether elevated fuel prices persist beyond the initial spike and whether further escalation in the Iran conflict keeps crude anchored above $110/bbl, which would reinforce safe-haven demand across bullion. The article does not contain direct gold/silver market data, but it is relevant as a macro/geopolitical driver rather than a standalone PM flow update.

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