Gas and travel prices could continue to spiral as tanker traffic stalls near Iran

The average price for a gallon of regular gas on Monday was $3.48, up nearly 50 cents from a week ago. And prices could continue to increase with oil tankers held up in the Strait of Hormuz.

The price of oil surging over the weekend sent global markets into a frenzy.

The price of a barrel of crude oil topped $100 on Monday for the first time since 2022.

American drivers are already feeling the pain at the pump.

The average price for a gallon of regular gas on Monday was $3.48, up nearly 50 cents from a week ago.

And prices could continue to increase with oil tankers held up in the Strait of Hormuz.