"The national average price for a gallon of regular gasoline climbed to $3.32 on Friday, according to AAA - that's an 11.4% increase from last week's price and the highest level since August 2024. The jump follows a surge in crude oil prices after the United States and Israel launched strikes on Iranian targets last Saturday, prompting retaliatory attacks from Tehran."
"BloombergNEF estimates that about half of the eventual increase in retail gasoline prices typically shows up within 10 to 13 days, with roughly 90% reflected within about 21 days. The firm added that if crude rises by $10 a barrel amid escalating tensions, US gas prices could climb by roughly 30 to 40 cents per gallon in the short term."
"Oil supply chains have been particularly sensitive to threats around the Strait of Hormuz, a narrow waterway along Iran's southern coast that handles roughly one-fifth of global oil consumption. Iran said it attacked a tanker passing through the waterway on Thursday. Any disruption there could quickly drive oil prices higher - and those moves would show up at the pump within weeks."
Gas prices in the United States climbed to $3.32 per gallon on Friday, marking an 11.4% weekly increase and the highest price since August 2024. This surge follows military strikes between the United States, Israel, and Iran, which triggered crude oil price increases. Brent crude traded above $91 per barrel, its highest level since mid-2024. BloombergNEF projects that roughly half of eventual retail gasoline price increases appear within 10-13 days, with 90% reflected within 21 days. A $10 barrel increase could raise gas prices by 30-40 cents per gallon. The Strait of Hormuz, handling one-fifth of global oil consumption, remains vulnerable to disruption, with Iran targeting regional energy infrastructure and tankers.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]