Gas prices jump to their highest level since start of Iran war

The average cost for a gallon of gasoline hit $4.18 on Tuesday, according to AAA , the highest level since the war in the Middle East began. Gasoline prices, which have risen by $1.20 a gallon since the war started on Feb. 28, climbed nearly 7 cents overnight, according to AAA . The latest increase follows a brief period of relief, when prices eased after hitting a recent high of $4.17 on April 9 as the U.S. and Iran appeared to be making progress toward a deal to end the war. The countries agreed to a two-week ceasefire on April 8, which President Trump has since extended . However, negotiations appear to have lost momentum in recent days, dashing hopes for a quick resolution to the war and sending oil prices higher. Oil accounts for 51% of the cost of a gallon of gas, making it the biggest factor in determining prices at the pump. As of Tuesday morning, Brent, the international benchmark, was hovering around $111 a barrel, while West Texas Intermediate, the U.S. benchmark, was just below $100 a barrel. "The Strait [of Hormuz] is not reopened — there's no cohesive plan for reopening it — and now negotiations have been basically stopped," said Patrick De Haan, a petroleum expert at GasBuddy. …