Commodities
Iran Deal Looms Large in US Fuel Price Outlook
US fuel prices are unlikely to decrease significantly until a lasting deal is struck between Donald Trump and Iran, according to recent projections by the US Department of Energy.
The current peak summer driving season has seen gasoline prices reach record highs of over $4 a gallon, with diesel averaging around $5.40 per gallon.
These prices are still elevated compared to last year, when gas was selling for $3.16 and diesel for $3.72.
The Iran war, which started five months ago, has blocked oil shipments through the Strait of Hormuz, leading to increased fuel costs.