"Average U.S. regular gasoline prices are $3.70 per gallon on Sunday, up roughly 70 cents during the war, per AAA. It's up 46% since the U.S. strikes began. Trump said Friday that the U.S. hit military targets on Iran's Kharg Island, the origin point for almost all Iranian oil exports."
"U.S. officials have been seeking to ease the crunch, though analysts say what has been proposed amounts to Band-Aids until there's safe passage through the strait. It handles about a fifth of global oil flows. The Treasury Department last week announced a broad, but temporary, waiver of sanctions on Russian oil currently in tankers."
"Energy Secretary Chris Wright, appearing on Sunday talk shows, predicted the conflict would end within several weeks. 'We'll see a rebound in supplies, and a pushing down of prices after that,' Wright said on ABC's 'This Week.' But Wright cautioned that there are 'no guarantees in wars.'"
Brent crude oil has surged to over $106 per barrel, up 46% since U.S. military strikes began, driving increases in U.S. gasoline, diesel, and home heating oil prices. Average U.S. regular gasoline reached $3.70 per gallon, up roughly 70 cents during the conflict. Military operations targeted Iran's Kharg Island, which handles nearly all Iranian oil exports, though officials stated oil infrastructure was intentionally avoided. The Strait of Hormuz, handling about one-fifth of global oil flows, remains a critical chokepoint. U.S. officials have implemented temporary measures including sanctions waivers on Russian oil in tankers and a 172-million-barrel Strategic Petroleum Reserve release over 120 days, coordinated with a broader 400-million-barrel international release. Energy Secretary Chris Wright predicted the conflict would resolve within weeks, though acknowledged no guarantees exist and prices could rise significantly.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]