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Iran's Strait of Hormuz Plans Spark Fears of Higher Gas Prices

Guavy AI Editorial Team
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Oil
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Tensions between the US and Iran over the Strait of Hormuz have escalated, leading to concerns that gas prices may rise.

The Iranian government has announced plans to create an 'exclusion zone' near the waterway, which is a critical route for global oil shipments. This move comes after the US struck three Iranian oil tankers in response to Tehran launching missiles at US warships.

Experts warn that Iran's previous attacks on commercial shipping could lead to further disruptions and higher gas prices.

The average price of regular gas is currently $4.15 per gallon, according to AAA, which is significantly higher than the $3.19 seen a year ago.

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