NEW YORK: Gasoline prices in the United States have hit $3.79 per gallon, the highest since October 2023, amid the energy crisis caused by t...
NEW YORK: Gasoline prices in the United States have hit $3.79 per gallon, the highest since October 2023, amid the energy crisis caused by the US-Israeli operation against Iran, the American Automobile Association reported.
A month ago, before the conflict, prices stood at $2.90. California has the highest prices at $5.54 per gallon.
US President Donald Trump has frequently cited low gasoline prices as proof of his energy policy’s success. CNN previously reported the administration planned to use price reductions as a key argument for Republicans ahead of the November midterm elections.
On March 2, Major General Ebrahim Jabbari of the Islamic Revolutionary Guard Corps (IRGC) warned that the Strait of Hormuz, which handles approximately one-fifth of global oil exports, would be closed to shipping due to the Israeli and US military operation against the Islamic Republic.
On March 5, Iranian Foreign Minister Abbas Araghchi stated that the strait was not officially closed, but that tankers were avoiding the route for fear of strikes from both sides. However, on March 10, IRGC Naval Commander Rear Admiral Alireza Tangsiri announced that the Strait of Hormuz is closed to all vessels associated with the US and Israel.The operation led to a significant spike in oil prices, but their growth has since subsided.
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