The recently escalated conflict involving the U.S. and Iran has caused a spike in gasoline prices across the United States, reflecting the delicate link between geopolitical tensions and oil markets. Following U.S. bombings, gas prices surged by 15 cents in Florida, with experts forecasting further increases. However, despite initial spikes, crude oil prices fell due to diminished fears of a blockade of the Strait of Hormuz, indicating that market reactions are complex and multifaceted based on ongoing developments.
"On Monday, two days after the United States bombed three nuclear sites in Iran, Americans woke up to higher gas and oil prices compared to a week ago."
"The U.S. entry increased the likelihood of a continued steady climb in prices that he predicted could reach 7 to 15 cents this week, while diesel fuel could jump by 10 to 20 cents."
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