The national average price for regular unleaded gasoline in the U.S. has risen to $4.54 per gallon, according to the American Automobile Association. This marks the first time prices have surpassed $4.50 since July 2022, driven by ongoing conflicts in the Middle East. The current price is just 50 cents shy of the historical high of $5.01 per gallon recorded in June 2022. President Trump has promised a reduction in gasoline prices following the resolution of the Iran conflict, but sustained high prices pose a political challenge for Republicans ahead of the November midterm elections. Compounding the issue, U.S. gasoline inventories are at their lowest seasonal level since 2014, with Morgan Stanley predicting further tightening this summer, potentially leading to a record seasonal low.