"Prices at the gas pump jumped an average of 11 cents across the US on Tuesday morning, according to AAA. The national price for a gallon of regular gas climbed from $3.00 on Monday to $3.11 on Tuesday, while premium fuel rose from $3.86 to $3.98. That's the largest single-day price rise at the pump since March 2022, AAA told Business Insider."
"The spike comes as Iran expands attacks in response to bombings by the US and Israel. In recent days, Iran has launched missiles and drones at Israel and at US bases in Bahrain, Iraq, the United Arab Emirates, and Qatar. Those attacks have rattled oil markets and raised fears of supply disruptions."
"Iran has also threatened ships traveling through the 21-mile Strait of Hormuz, where about 20% of the world's crude oil supply passes through, Patrick De Haan, the head of petroleum analysis at GasBuddy, wrote in a note. In response, Brent crude oil, the benchmark for global oil pricing, hovered above $80 a barrel on mid-day trading."
The national average price for regular gasoline rose 11 cents on Tuesday, climbing from $3.00 to $3.11 per gallon, marking the largest single-day price increase since March 2022. Premium fuel increased from $3.86 to $3.98. This spike represents the first time the national average exceeded $3 per gallon in 2026, affecting every state except Hawaii. The price surge stems from escalating Middle East violence, with Iran launching missiles and drones at Israel and US military bases. These attacks have disrupted oil markets and threatened supply chains, particularly through the Strait of Hormuz, which handles 20% of global crude oil. Brent crude oil rose approximately 4% to above $80 per barrel. Additional pressure comes from the approaching summer driving season, which typically increases fuel demand.
Read at Business Insider
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