"The Iranian military's blockade of the Strait of Hormuz in retaliation for the U.S. and Israeli airstrikes on Tehran has sent energy markets into turmoil. A quarter of the world's natural gas, a fifth of its crude oil, and tons of critical materials for fertilizers and other petroleum products pass through this strategic Persian Gulf waterway."
"The bombing of the South Pars gas field and other facilities in Asaluyeh, along with the Iranian response against a gas plant in Ras Laffan, Qatar, has driven the price of Brent crude, the European benchmark, to $111 a barrel. In the United States, West Texas Intermediate (WTI) is nearing $100, a 50% increase from the days before the strikes on Iran began."
"Just yesterday, the government approved a 60-day waiver of the Jones Act, which prohibits foreign vessels from transporting oil and gas between U.S. ports. With this decision, it aims to increase the number of oil and gas tankers calling at U.S. ports."
The United States is experiencing its largest fuel price increase in decades, driven by conflict with Iran and blockades of the Strait of Hormuz, a critical global energy chokepoint. Attacks on major oil and gas facilities, including Iran's South Pars gas field and Qatar's Ras Laffan plant, have sent energy markets into turmoil. Brent crude reached $111 per barrel while U.S. West Texas Intermediate approached $100, representing a 50% increase. The Trump administration has implemented multiple measures to stabilize prices, including a 60-day waiver of the Jones Act to increase oil and gas tanker capacity at U.S. ports. Despite these efforts, the administration has failed to contain the escalating energy crisis, which threatens to impact American consumers and influence upcoming midterm elections.
Read at english.elpais.com
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