US gas prices have surged since Washington revoked sanctions on Iranian oil earlier this month and reinstated a naval blockade in the Strait of Hormuz
Average US gas prices crossed the $4 per gallon threshold on Monday for the first time since June 17, driven by conflict in the Strait of Hormuz and Ukrainian strikes on Russian oil infrastructure.
As a result, US crude oil prices rose nearly 1% to $83.23 per barrel, while international benchmark Brent crude climbed 1.3% to $89.22 per barrel, reaching their highest levels since early June.
Gas prices have surged since Washington revoked sanctions on Iranian oil earlier this month and reinstated a naval blockade in the Strait of Hormuz, through which 20% of global energy transits.
Meanwhile, Ukraine’s targeted attacks prompted Russia to ban key refined product exports till late July.
The energy crisis has also pushed up jet fuel prices. According to the Argus US jet fuel index, prices have jumped nearly 43%, rising from their pre-war average of $2.50 per gallon to $3.57 per gallon.