US Gas Prices Soar Amid Escalating Iran Tensions
Gas prices in the US have reached nearly a three-month high after increasing by 13 cents over the past week, according to the American Automobile Association (AAA). The national average price of gas has jumped to $3.00 per gallon as tensions between Washington and Tehran escalate.
The volatility in the Strait of Hormuz has pushed crude oil prices back up to the $100 per barrel range for the first time since July, said AAA. This uncertainty has risked escalation from Iran, with senior Iranian officials thinking that escalation is their key leverage over the US.
President Donald Trump has spoken out against the Democratic Party amid high fuel costs, saying they would 'destroy Texas oil and gas' if elected.
The Strait of Hormuz is a crucial waterway for global oil supplies, with Iran-backed Houthis taking control of the port city of Mocha and reportedly striking Saudi Arabia's 7-million-barrel-per-day East-West pipeline.