Related videos:
The escalation of the conflict between the United States and Iran has started to affect the wallets of American consumers, with a surge in gasoline prices driven by rising crude oil prices in international markets, according to a report by Reuters.
Analysts quoted by the agency indicated that the national average price at gas stations is on track to surpass levels not seen in more than three months, amid rising tensions in the Middle East following the joint attacks by Washington and Israel on Iranian territory.
The rise is linked to the increase in the price of Brent oil, which surged amid fears of disruptions in global supply.
Iran, one of the world's leading crude oil producers, announced the closure of the Strait of Hormuz, a strategic route through which about one-fifth of globally traded oil passes.
Shipping companies and major energy traders have started to avoid that route, increasing uncertainty in the markets. At least several oil tankers have reported incidents in the area, adding pressure to prices.
Energy sector experts indicated that oil reacts first to geopolitical tensions and that the impact on gasoline is usually felt gradually. However, they warned that volatility could intensify if the conflict persists.
In addition to the geopolitical factor, prices were already on the rise due to the transition to summer fuel, which is more expensive because of environmental regulations, and due to the seasonal increase in demand during the holiday months.
If the crisis continues and the flow of crude oil through the Persian Gulf remains affected, analysts do not rule out further price increases at U.S. fuel pumps in the coming weeks.
Filed under: