The price of gasoline in the United States has jumped 31 cents in just one week, reaching an average of $4.48 per gallon as of Tuesday, reflecting a staggering 50% increase since the Iran war began. The surge in prices is largely attributed to the ongoing global energy crisis and the effective closure of the Strait of Hormuz, which is crucial for oil transport. According to Rob Smith, director of global fuel retail at S&P Global Energy, the continued conflict has created a fundamental shortfall in oil supply, driving prices upward. Factors such as federal and state taxes, refining costs, and distribution fees also play significant roles in determining gasoline prices. Experts are uncertain when prices will stabilize, with Smith noting that even a resolution to the conflict may not lead to immediate relief, as a risk premium will likely persist in the oil market. The situation remains precarious, with prices expected to continue rising as long as the Strait remains constrained.