Fuel prices have surged to their highest level since mid-2022, with petroleum analysts warning we could yet see record highs if the Trump administration can’t find a way to end its war with Iran anytime soon. With the vital Strait of Hormuz effectively shut down, fuel shortages are mounting on a global scale. But while the U.S. has plenty of its own petroleum, pump prices have still surged to the mid-$4.00 range on a national level.