Prices shot up after the U.S. and Israel attacked Iran in February and have not settled down since. Crude oil traffic through the key Strait of Hormuz has plunged, and Iran has refused to reopen the waterway.

Price of gasoline also sets new record for Labor Day weekend ahead of crucial midterm elections in November.

Average gas prices have soared above $4, setting a fuel price record for Labor Day weekend. Southern states are among the cheapest places to fill up.