Iran Tensions Drive Gas to $4.55 Threatening Memorial Day Travel

U.S. gasoline prices averaged $4.55 per gallon on May 23, up 30% from $3.19 a year earlier and adding roughly $2 billion to Memorial Day weekend spending. Escalating tensions with Iran, including failed peace talks and military planning, have lifted Brent crude above $103 per barrel while tightening global supply routes through the Strait of Hormuz. Domestic gasoline inventories sit at decade lows as refineries shift output toward jet fuel, raising the risk of further spikes through the summer driving season and amplifying pressure on consumers and inflation.