Oil prices hit wartime peak, pushing U.S. gas costs to highest since level July 2022
CBS News • • general
Key Points:
- Brent crude oil prices surged to over $126 per barrel, reaching a wartime high amid fears that the ongoing Iran conflict will further tighten global energy supplies.
- U.S. gasoline prices hit a new peak since the Middle East conflict began, averaging $4.30 per gallon nationally, with California drivers facing the highest prices at $6.01 per gallon.
- The Strait of Hormuz remains effectively closed, and the U.S. continues its blockade of Iranian ports, fueling market concerns about prolonged disruptions in oil flows.
- Federal Reserve Chair Jerome Powell noted that despite high gas prices, American consumers are still spending, but rising energy costs could eventually reduce disposable income and consumer spending.
- Since the Iran war started in late February, Brent crude prices have nearly doubled from around $70 to over $120 per barrel, reflecting escalating geopolitical tensions and supply uncertainties.
