Trump bragged about cheaper gas — now it's $4 again as the Iran war worsens. Save your wallet before the oil shock hits

Nationwide, U.S. drivers are again paying about $4 a gallon for regular gasoline after renewed fighting with Iran sent oil prices climbing and raised fresh concerns about global fuel supplies.

Among the worst hit states is California, where drivers are paying close to $5.50 a gallon on average, according to AAA (1).

Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

JPMorgan still sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Learn more with a free guide from Priority Gold

The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes

Meanwhile, the national average price for a gallon of regular gasoline topped $4 on July 20, up about 13 cents from a week earlier and well above the roughly $3.14 drivers were paying at this time last year. While the national average has reached that milestone, prices vary widely across the country, (2) with states such as Indiana and Mississippi continuing to see significantly lower prices.

This follows President Donald Trump's repeated claims that gas prices would drop. In a Truth Social post (3) on July 12 Trump said, "Prices coming down along with the lowering of oil and gas."

Brent crude, the international oil benchmark, traded between roughly $86 and $91 per barrel on the 20th after hovering closer to $72 at the beginning of July. Because crude oil is the primary ingredient used to make gasoline, higher oil prices typically work their way to the pump as refineries process more expensive supplies.

Gas prices did ease earlier this month following an interim agreement between Washington and Tehran that temporarily reduced concerns about shipping disruptions through the Strait of Hormuz. But with that agreement now collapsed and military attacks escalating, uncertainty over future oil supplies has returned.

Analysts are also watching shipping activity through the Strait of Hormuz closely.

S&P Global Energy said vessel crossings fell 50% last week compared with the previous week, as mainstream shipowners remained cautious about transiting the waterway, according to AP (2), adding to concerns that supply disruptions could persist even if fighting subsides.

Paying more at the pump squeezes households, but higher fuel costs can also put pressure on retirees and investors managing regular portfolio withdrawals. Periods of geopolitical uncertainty can create serious questions about protecting a long-term financial plan from inflation and market volatility.

And, if that market volatility lasts years, it could devastate years of work building a nest egg.

For investors with portfolios of $250,000 or more, financial decisions like these become even more nuanced. Aside from managing volatility, there's also minimizing tax exposure and trying to ensure your long-term sustainability to think about.

In these cases, working with a financial advisor could help reduce costly mistakes.

For those with portfolios of this size, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.

All you have to do is answer a few questions about your savings, retirement timeline and overall investment portfolio.