Commodities
Iran War Drives Up Gas Prices to Six-Month High
The ongoing war in Iran has pushed up global oil and gas prices, with the average gallon of regular gas costing $4.10 as of August 26, compared to $3.19 at this time last year.
President Donald Trump predicted the war would last four to five weeks when it began in February, but it is now approaching six months.
The disruptions to the oil supply chain have resulted in higher prices for both oil and gas, with crude oil remaining in the $80 per barrel range amid continued instability at the Strait of Hormuz.
The strait, a major chokepoint for global oil shipments, has seen ongoing tensions between Iran and the US, with Iran resuming attacks on ships in the area and the US reinstating its naval blockade of Iranian ports.