Gasoline prices are still rising as the Iran war stretches into its third week

"Global oil supplies are experiencing their worst disruption in decades, thanks to a sharp decrease in ship traffic through the Strait of Hormuz, the crucial waterway through which about 20% of the world's oil traffic typically passes, as well as attacks by both sides on critical oil infrastructure."

"Until we see a meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist. At the same time, seasonal forces are beginning to intensify as several regions complete the transition to summer gasoline, creating a double headwind that could continue driving pump prices higher in the weeks ahead."

"U.S. gasoline prices, on the other hand, have gone in only one direction: Up. And up. And up. Prices at the pump are currently averaging $3.718 a gallon, according to the latest data from the American Automobile Association (AAA), which tracks prices nationwide. That's up nearly 80 cents from a month ago."

Global crude oil prices have fluctuated between $100-$120 per barrel following military conflict in the Middle East, compared to pre-war levels near $70. U.S. gasoline prices have risen sharply to $3.718 per gallon, up nearly 80 cents monthly, while diesel prices climbed even more steeply to just under $5 per gallon. The disruption stems from decreased ship traffic through the Strait of Hormuz, which handles approximately 20% of global oil traffic, combined with infrastructure attacks. Summer gasoline transition, requiring reformulated blends under the Clean Air Act, adds additional upward pressure. Petroleum analysts expect continued price increases until oil flows through the Strait resume. Higher fuel costs disproportionately impact lower-income households and create inflationary pressures across goods and services.

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