US-Iran Conflict Pushes Oil Prices Above $4 Gallon Amid Shipping Disruptions
Global oil prices and US gasoline prices have begun rising again due to renewed military tensions between the United States and Iran. The conflict has sparked concerns about disruptions in shipping through the Strait of Hormuz, a crucial route for supplying crude oil to global markets.
In June, the US and Iran signed a peace plan intended to end the war, but recent hostilities have reversed the trend of declining oil quotations and fuel prices. As a result, the average price of a gallon of gasoline in the United States has once again exceeded $4.
This is a reversal from earlier this year when gasoline prices fell below $4 per gallon for the first time since March 30, according to AAA. Former US President Donald Trump warned of renewed strikes on Iran's nuclear sites if Tehran resumes its nuclear program following recent US airstrikes on key Iranian facilities.