U.S. gas prices are surging as the Iran war drives up the global cost of oil. But what exactly accounts for what you pay at the pump?

Oil markets were rocked this week by the outbreak of war in the Persian Gulf, where roughly one-fifth of the world’s oil supply originates.

Gas prices in Asia and Europe have surged as the conflict in the Middle East spreads, with shipping through the Strait of Hormuz at a virtual standstill and Qatar’s liquefied natural gas output halted after Iranian strikes on its flagship Ras Laffan production facility.

Add Yahoo as a preferred source to see more of our stories on Google. SPARTANBURG COUNTY, S.C. (WSPA) — The average price for a gallon of gas in the U.S. jumped 11 cents Tuesday. In Spartanburg County, fuel prices rose 26 cents in just one week.