US gas prices hit $4.23 high as Hormuz fears drive oil surge
Summary
U.S. gas prices have risen to an average of $4.23 per gallon, the highest since 2022, mainly due to fears about a blockade of the Strait of Hormuz, a critical oil shipping route. President Donald Trump said officials are preparing for a long blockade to pressure Iran by stopping its oil exports, which has increased oil and fuel costs worldwide.Key Facts
- Average U.S. gas prices reached $4.23 per gallon, the highest since 2022.
- Brent crude oil price rose to $114.60 per barrel, up nearly 25% since mid-April.
- The Strait of Hormuz, used by about 20% of the world’s oil shipments, is at risk of a long blockade.
- The number of ships passing through the strait dropped from about 130 daily before the war to just 35 in a recent week.
- President Trump said Iran is in a “State of Collapse” and urged Iran to finalize a non-nuclear deal.
- The United Arab Emirates announced it will leave the OPEC oil cartel, which has been accused of raising oil prices.
- Higher oil prices have led to increased air travel costs, with airlines raising fares and adding fees.
- U.S. consumer confidence slightly improved in April, but fewer people plan road trips for upcoming vacations.
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