The average price of unleaded gasoline in the U.S. reached about $3.54 per gallon (3.85 liters) Tuesday, the highest level since mid-2024, because of problems in the global oil supply due to the U.S.-Israeli conflict with Iran, the American Automobile Association(AAA) reported.
Prices have risen 21% in just one month, according to AAA, following the joint U.S.-Israeli attack on Iran and Iran’s response, which has affected the strategic Strait of Hormuz, which accounts for one-fifth of the world’s maritime oil traffic, as well as being a hub for the transport of natural gas, fertilizers and other critical minerals.
Conflict in the Strait of Hormuz shakes oil market
Attacks on oil tankers and cargo ships passing through Hormuz, which have already left seven sailors dead, according to figures from the International Maritime Organization (IMO), plus persistent threats by the Iranian Revolutionary Guard to continue with them, have the strait practically closed to traffic.
Prior to this escalation, the national average price of a gallon of gasoline had fallen in the U.S. to levels not seen since 2021.
Although it still remains below the highs reached after the Russian invasion of Ukraine in 2022.
U.S. President Donald Trump said yesterday that he expects the war to end “very soon.”
This eased concerns about rising energy prices and pushed Texas Intermediate Crude Oil (WTI) from 100 dollars per barrel to 81.55 dollars per barrel at 13:00 local time (17:00 GMT).
Gasoline prices could continue to rise, warns warning
Prices have risen 21 % in just one month
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However, Secretary of War Pete Hegseth has also indicated that Tuesday will be “the most intense day of strikes” against Iran.
This could again have an impact on crude oil prices.
According to analyst Bobby Griffin of Raymond James, the price consumers pay “will depend on the length of the market disruption.”
He warned that “if crude oil continues to rise, retailers will have to adjust prices to maintain margins.”
“But if it stabilizes, margins could compress for a few weeks.”
“And even if oil does go down, drivers may not see an immediate decline, as retailers don’t immediately pass on the savings to the final price,” he told CNBC (Filed under: U.S. gasoline hits highest price since 2024).
With information from EFE
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