Middle East Conflict Drives Gasoline Prices to New Heights

Geopolitical tensions in the Middle East have led to skyrocketing crude oil and domestic gasoline prices. The ongoing US-Israeli conflict with Iran, which began on February 28, has resulted in massive gains for crude oil benchmarks.

The war, now in its sixth month, shows no signs of resolution despite initial expectations of a brief engagement. Drone strikes targeting regional supply lines and commercial hubs have amplified supply chain fears across global trade routes.

Light sweet crude for August delivery closed July at $84.67 per barrel, reflecting a 22% increase for the month. Simultaneously, Brent crude climbed 24% to reach $87.93 per barrel on international exchanges.