BlockBeats News, May 6th, the ongoing Middle East conflict has brought further pressure. According to the American Automobile Association, on Tuesday, the national average price of regular unleaded gasoline rose to $4.54 per gallon, breaking through $4.50 per gallon for the first time since July 2022. The current price is only about 50 cents away from the historical record of $5.01 per gallon set in June 2022.

From a seasonal perspective, the current price has reached the highest level for this time of year in history. Former President Trump has promised multiple times that gasoline prices will fall after the end of the Iran war. However, the longer the price remains high, the greater the political risk the Republican Party faces in the November midterm elections.

Furthermore, U.S. national gasoline inventories are at their lowest level for this time of year since 2014. Morgan Stanley expects summer gasoline inventories to tighten further, indicating that inventories may hit a new historical low for this time of year. (FXStreet)