Brace for $4 gas again: How U.S.-Iran tensions are threatening to end the price break at the pump

By Claudia Assis and Myra P. Saefong

Wall Street has turned more skeptical about a permanent resolution to the war

The $4-a-gallon "psychological barrier" for gasoline is getting closer.

Americans got some relief at the gas pump in recent weeks, but the reprieve may be short-lived. With the U.S. and Iran again vying for control of the Strait of Hormuz, retail gasoline prices have crept up - and some see a return to an average of $4 or more a gallon just around the corner.

The latest flare-ups in hostilities are boosting crude futures prices, which were inching toward $80 a barrel Tuesday. Prices had hit a recent low of $68 a barrel during the pause in fighting. The latest back-and-forth also revived concerns about inflation, which cooled in June during the lull in the U.S. war with Iran.