US gas prices hit record August high as Iran talks stall

US gas prices this month have reached their highest ever recorded for August, with the national average at $4.06 per gallon on Monday, as peace talks between the US and Iran stalled and Trump issued fresh threats against Oman. The average is $0.05 higher than last week and $1 more expensive than a year ago, with California and Hawaii hitting about $5.50 a gallon. Prices have climbed since the US-Israel war with Iran began in late February, blocking the Strait of Hormuz, through which a fifth of global oil passes. The US and Iran missed their 60-day diplomatic deadline to end the war on Monday, failing to reach an agreement on Iran’s nuclear program. Over six months of conflict, Americans have paid an excess of $56.4bn in elevated gas prices, or $477 more per household, according to a July congressional report.