US gas prices edge up again as US-Iran tensions heighten over strait of Hormuz
Summary
Gas and diesel prices in the US have risen again, with diesel now over $5 a gallon and gas close to $4. This increase is linked to rising tensions between the US and Iran over control of the Strait of Hormuz, a key shipping route.Key Facts
- The average price of diesel fuel in the US is over $5 per gallon.
- The average price of gasoline is nearly $4 per gallon.
- Prices are back near levels seen before the June agreement between the US and Iran.
- A year ago, diesel cost about $3.72 per gallon, much lower than today’s price.
- Iran declared the Strait of Hormuz closed, while the US claimed it guarantees safe passage.
- The US imposed a blockade on ships going to or from Iranian ports.
- President Trump briefly announced charging a 20% fee on cargo through the Strait but later dropped the plan.
- Oil prices are around $81 a barrel, influenced by political uncertainty and market rumors.
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