US gasoline hits record $4.14/gal as Hormuz disruption tightens supply

US retail gasoline reached a record $4.14 per gallon over Labor Day weekend, with diesel also spiking to $5.88, driven by disrupted crude flows through the Strait of Hormuz amid conflict with Iran. AAA notes the rise occurred despite seasonally low demand, underscoring the geopolitical premium on global energy supply. The sustained closure or partial disruption of Hormuz—a chokepoint for ~20% of global oil—poses a direct inflation and growth risk if it persists.