Gas prices jump as Iran conflict rattles global oil supply
Fox Business • • world
Key Points:
- Gasoline prices in the U.S. rose to a national average of $3.32 per gallon on Friday, up from $3.25 the previous day and $2.98 a week ago, driven by a sharp increase in crude oil prices amid escalating tensions with Iran.
- U.S. crude oil prices jumped 12.2% to $90.90 per barrel as Iran blocked tanker traffic in the Strait of Hormuz, disrupting about 20% of global oil flow and causing supply constraints.
- The conflict has led to production shutdowns in Iraq, Kuwait, and Saudi Arabia, along with missile strikes affecting refinery operations in Israel, Bahrain, and Saudi Arabia, further tightening gasoline and diesel supplies.
- Analysts predict
