photo: Daily Express
Fuel prices across the US are climbing again as tensions and military conflict with Iran shake global energy markets.
The average gasoline price reached $3.68 per gallon on March 14, marking a 23% jump compared with levels before the war began on February 28, The Caspian Post reports via foreign media.
The surge follows a sharp rise in global oil prices. On March 13, Brent crude futures climbed 2.67% to close at $103.14 per barrel, while West Texas Intermediate crude gained 3.11% to $98.71. Historically, movements in oil prices are reflected in gasoline prices a few days later, suggesting US drivers may soon face even higher costs at the pump.
A major factor behind the spike is the disruption of tanker traffic through the Strait of Hormuz, a critical maritime chokepoint through which around 20% of the world’s oil supply normally flows. Iran has effectively blocked the passage of oil tankers through the strait, tightening global supply and sending energy markets higher.
Diesel prices are also surging. The US Energy Information Administration reported that the average price of diesel this week reached $4.85 per gallon, compared with $3.71 the week before the first strikes on Iran. The spike could significantly raise shipping costs for logistics companies such as FedEx, which applies fuel surcharges whenever diesel prices exceed $3.55 per gallon.
Economists warn the conflict could ripple across the broader US economy. Food prices may rise as transportation becomes more expensive, while disruptions in shipping through the Strait of Hormuz could also affect the availability of key fertilizer components. Meanwhile, airfare is already climbing, driven by rapidly increasing jet fuel prices.
If the crisis around Iran continues to escalate, analysts say American consumers may soon feel the pressure not just at gas stations-but across grocery stores, delivery services, and airline tickets as well.
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