Gasoline prices jumped to their highest level since July 2022 on Wednesday as oil rose near $110 per barrel.

The national average at the pump rose to nearly $4.23 per gallon, up about $0.12 over the past two days and more than $1 higher than a year ago, according to AAA data.

Given the rapid climb in oil prices in recent days, analysts expect fuel costs to climb even higher as retailer stations catch up with wholesale increases.

“May could begin with prices in the $4.30's. If you prefer premium gas, good luck with average numbers over $5/gallon,” Tom Kloza, chief energy adviser at Gulf Oil, said in a note.

Read more: How oil price shocks ripple through your wallet, from gas to groceries

Crude prices jumped more than 4% on Wednesday with Brent crude futures (BZ=F) holding near $110 a barrel. West Texas Intermediate (CL=F) rose to near $105 as traders assessed the possibility of a prolonged blockade in the Strait of Hormuz, the critical chokepoint which has become a flash point of the Middle East conflict.

While the fighting between the US and Iran has mostly been halted, the energy product pathway remains mostly blocked by both sides.

While US crude exports have surged a to record high as overseas buyers hunt down supply, governments abroad have drawn down their strategic reserves, and in smaller Asian countries encouraged remote schooling and work.

“The longer the conflict goes on, the higher the price — especially as inventories are drawn down to critical operating levels,” Andy Lipow of Lipow Oil Associates noted earlier this week.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

Click here for an in-depth analysis of the latest stock market news and events moving stock prices

Read the latest financial and business news from Yahoo Finance“=

Gas and diesel prices are hitting new highs as geopolitical instability in the Middle East disrupts supply. Here's a breakdown of how international tensions influence pump prices.

Can oil from the Strategic Petroleum Reserve spare Americans more pain at the pump? And if so, how much could it reduce gas prices — and for how long?

Here's a closer look at how high oil prices can trickle down and raise your everyday costs.

As gas prices increase, you can save by earning rewards on gas station spending. Here's what to look for in a gas card.

Gas prices "rise like a rocket and fall like a feather." Here's when consumers can expect gas prices to go down.

This highly anticipated report is a first glimpse at how the U.S.-Israel war on Iran has impacted everyday costs for Americans here at home.