Gas prices near yearly high as midterms approach

Gas prices in the U.S. climbed toward the year’s peak, with the national average around $4.46 per gallon on Friday—about 10 cents below May’s high and within eight weeks of the midterm elections; diesel also hit a fresh daily high near $6.44 per gallon, lifting costs across shipping and goods. Prices are driven by geopolitical tensions from the Iran war, Strait of Hormuz disruptions, and Russia’s invasion of Ukraine, with Brent near $105 a barrel and U.S. crude around $103. California leads the nation with averages around $6.11, and several other states hover near or above $5. While policy discussions about releasing strategic reserves continue, stockpiles remain low, making further relief unlikely, and analysts warn prices could stay elevated even as political leaders promise relief after the election.