National average gasoline prices increased from $4.064 per gallon in July to $4.192 in August, following an earlier May peak of $4.609. Reports indicate the U.S. and Israel conducted joint strikes on Iran, now past the six-month mark, after which Iran closed the Strait of Hormuz. Crude oil accounts for more than half of retail gasoline prices, with roughly 20 percent of global supplies passing through the strait.