"Ongoing supply disruptions and fears that the situation will worsen are driving Brent and WTI prices ever higher. Expectations for when oil supplies will return to normal have been pushed back, raising the risk that higher gas prices could stick around longer than expected."
"US politicians are doing everything they can to mitigate the negative impact. The pricing surge comes as tensions between the US and Iran continue to disrupt shipping through the Strait of Hormuz, a critical chokepoint that handles roughly 20% of the world's oil supply."
The average price of regular gas in the US has risen to over $4.22 per gallon, the highest since 2022. Prices have increased steadily since the US conflict with Iran began. Oklahoma has the cheapest gas at $3.66, while California's average is $5.98. The surge in prices is linked to tensions affecting shipping through the Strait of Hormuz, which handles 20% of the world's oil supply. Brent Crude oil prices have also risen sharply, nearing $117 a barrel, amid concerns of prolonged supply disruptions.
Read at www.businessinsider.com
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