Oil prices hit wartime peak, with Brent crude touching $126 a barrel
Summary
Oil prices reached their highest level since wartime began, with Brent crude going above $126 a barrel due to ongoing conflict involving Iran. Gasoline prices in the U.S. also hit new highs, with Americans paying much more at the pump than before the war started.Key Facts
- Brent crude oil price exceeded $126 per barrel, a wartime peak.
- U.S. average gasoline price rose to $4.30 per gallon, the highest since July 2022.
- Gas prices increased by $1.32 per gallon since the Iran war began on February 28.
- California drivers face the highest gas prices in the U.S., averaging $6.01 per gallon.
- The Strait of Hormuz remains closed, and the U.S. continues its blockade of Iranian ports.
- President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz.
- The Federal Reserve kept interest rates steady, noting that high energy prices add to inflation.
- Brent crude was around $70 per barrel before the war started in late February.
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