Average U.S. retail gasoline prices crossed $3 a gallon for the first time since November on Monday as the conflict in the Middle East worsened, setting up a key test of public approval of President Donald Trump’s decision to attack Iran, analysts said.
Tehran’s retaliation in response to U.S. and Israeli strikes has disrupted global oil supply, as it hit production facilities in neighboring countries and ships in the Strait of Hormuz, a key global trade route. Oil prices have surged, with Brent crude rising more than 5% to nearly $77 per barrel, and fuel prices moving up in tandem with the feedstock costs.
I watched some local news yesterday where they covered the various explosions across the Middle East. They discussed the activity, the damage, the losses of life… then they pivoted to a local news reflection on what this all would mean for us at the gas pumps. “Gas prices expected to rise” as the chief takeaway for us to ponder how it affects us, immediately after discussions of hundreds of human beings being literally exploded. Makes me sick.