Gas prices hit $4 again after oil soars more than 15% in a week
U.S. gasoline prices have returned to $4 per gallon following a 15% surge in oil prices over the past week. The increase is driven by geopolitical tensions in the Strait of Hormuz and the revocation of sanctions waivers on Iranian oil.
Why it matters
Rising energy costs directly impact consumer inflation and global economic stability, particularly given the strategic importance of the Strait of Hormuz.
The national average price for regular gasoline hit $4 per gallon again Monday as the renewed conflict with Iran and Ukraine-Russia attacks rattle energy markets. It’s the first time that the national average has been at $4 or higher since June 17. On Monday, U.S. crude oil rose nearly 1% to $83.23 per barrel, its highest closing price since June 12. International Brent oil jumped 1.3% to $89.22 per barrel, its highest closing value since June 11. Gas prices had fallen in recent weeks to as low as $3.79 on July 7 and 8, but have trended higher again over the last two weeks as Washington and Tehran exchange daily attacks in a battle over the crucial Strait of Hormuz. On Friday, oil prices posted their second straight weekly gain. Last week alone, U.S. crude oil and international Brent crude oil both rose more than 15%.
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