- Gas prices over Labor Day weekend are expected to reach a record high of $4.03 per gallon.
- The forecast surpasses the previous Labor Day record high of $3.83 per gallon set in 2012, according to GasBuddy.
- Surging costs stem from geopolitical tensions after joint U.S. and Israeli strikes prompted Iran to close the Strait of Hormuz.
- President Donald Trump defended the higher costs as a necessary trade-off to prevent Iran from acquiring nuclear weapons.
- Elevated gas prices and voter dissatisfaction with the conflict pose political risks for Republicans ahead of the midterm elections.
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