"US oil prices have spiraled upward as the broadening conflict has imperiled oil and gas production infrastructure in the region. On Friday, the US conducted strikes on Kharg Island, an essential oil processing hub in Iran. Tehran, meanwhile, continues to block ships from passing through the strait of Hormuz, where a fifth of the international oil supply typically passes through."
"Patrick De Haan, a leading petroleum analyst, said on Monday that the average US cost of gasoline could reach $3.80 to $3.85 per gallon and that $4 is still possible, but not just yet. Diesel, a heavier gas used by trucks and trains, could reach from around $5.05 to $5.15 per gallon countrywide."
"The average cost of regular gasoline in the US sat below $3 per gallon on 28 February, when the US and Israel first conducted strikes on Iran. Since then, the average now sits at $3.70 marking a 23% increase in just under three weeks. In California, averages exceeded more than $5 per gallon, while some Los Angeles gas stations were charging in excess of $8 per gallon."
US oil prices experience significant volatility as military operations against Iran extend into a third week. Brent crude fluctuates between $103-$106 per barrel while US crude ranges from $94-$100. Analyst Patrick De Haan predicts average US gasoline could reach $3.80-$3.85 per gallon, with $4 possible later. Diesel may reach $5.05-$5.15 nationally. Since late February, average US gas prices increased 23% to $3.70 per gallon, with California exceeding $5 and some Los Angeles stations charging over $8. The conflict disrupts critical infrastructure including Iran's Kharg Island oil processing hub and blocks shipping through the Strait of Hormuz, which handles one-fifth of global oil supply. Stock markets show mixed reactions, with the S&P 500 up 1% but oil company shares experiencing minor fluctuations despite reaching all-time highs since conflict onset.
Read at www.theguardian.com
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