Gasoline prices are surging ahead of Labor Day, with AAA predicting travelers will face the highest pump prices on record for the holiday weekend amid ongoing conflict in the Strait of Hormuz .

Vance says gas prices could have been "much higher were it not for our efforts," as the Iran war pushes pump prices to expected Labor Day weekend records.

Stocks rose in morning trading Thursday on Wall Street as bond yields eased further even as oil prices marched higher as the U.S. war with Iran escalates.

Equities have been under pressure from elevated yields on risk-free U.S. Treasuries, which reduce the appeal of taking on the added risk of buying stocks.