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Amid fluctuating gas prices tied to the Iran war, here's a nifty calculator to figure out the cost of fueling up
ABC News - Breaking News, Latest News and Videos • • business
Key Points:
- ABC News has launched a gas calculator to help drivers estimate fuel costs amid fluctuating prices caused by the ongoing war in Iran.
- Since the conflict began in February, oil prices surged above $100 a barrel due to disruptions and closures in the Strait of Hormuz, a key maritime route for oil and trade.
- The U.S. and Iran signed a ceasefire memorandum requiring the reopening of the Strait of Hormuz and an end to the U.S. naval blockade of Iranian ports, though permanent peace negotiations remain stalled.
- Recent tit-for-tat strikes between the U.S. and Iran have continued to impact the strategic waterway, contributing to volatile fuel prices.
- The average price of regular unleaded gas peaked at $4.50 in mid-May but has since dropped to around $3.79; the ABC gas calculator allows users to estimate fill-up costs based on their vehicle and location.
