In light of the intensifying situation with Iran, President Donald Trump has revealed new initiatives to safeguard the global energy market. The President has instructed financial support for vessels navigating through the Persian Gulf and has directed the US Navy to provide escort for tankers when deemed necessary. Iran has effectively disrupted the Strait of Hormuz, a crucial passageway responsible for transporting one-fifth of the world’s oil, by launching attacks on shipping vessels and threatening to incinerate any that attempt to pass through. Additionally, oil prices are surging as Tehran continues to target energy installations in both Saudi Arabia and Qatar. A recent analysis from our data team illustrates that oil prices have reached their highest level over the past year. The Federal Reserve estimates that for every $10 increase in oil prices, consumers can expect to pay approximately 25 cents more per gallon at the gas station.
Once again, gas and oil prices rose on Friday amidst the ongoing conflict in Iran. The average nationwide price for a gallon of gas increased by about seven cents from the previous day, climbing to $3.32, as reported by AAA. As of 9 a.m. on Friday, Brent crude oil, which serves as the global benchmark for oil pricing, stood at $89.92, marking a rise of over $4 in just one day. Since the attacks occurred the previous Friday, Brent crude oil has skyrocketed by 24%. For detailed information on how much it will cost you to fill your tank, check out the Get the Facts Data Team’s gas price tracker.
On Thursday, gas and oil prices experienced another increase due to the ongoing war in Iran.
The national average price for a gallon of gas rose by approximately five cents compared to the previous day, reaching $3.25, according to data from AAA. As of 9:15 a.m. Thursday, the price of Brent crude oil was $83.84, an increase of more than $2 from the day before.
Since the Friday preceding the attacks, Brent crude oil prices have surged by over 15%.
To find out how much you will pay to refill your tank, utilize the Get the Facts Data Team‘s gas price tracker.
