The Iran war raises gasoline prices in America and record jumps for oil and diesel
The prices of gasoline and diesel fuel futures rose on the first day of weekly trading, after the United States and Israel launched attacks on Iran.
Prices jumped Gasoline futures rose as much as 9% on Monday, with the movement of crude oil and fuel tankers through the Strait of Hormuz almost completely halted.
The average retail price of gasoline in the United States reached $3 per gallon on Sunday, its highest level in three months, according to the American Automobile Association.
And rose Oil futures prices globally on Monday rose to their highest level in 4 years, up to 14%. The price of crude oil represents about half of what motorists pay at gas stations. When oil prices rise quickly, gasoline prices tend to rise accordingly.
A person familiar with the matter told the agency "Bloomberg"on the condition of anonymity, said an East Coast gas station chain raised prices by 15 cents a gallon over the weekend.
Diesel prices also jumped, with futures rising as much as 17%, and retail prices topping $3.75, their highest level in more than three months.
Iran pumps about 3.3 million barrels of oil a day, making it OPEC’s fourth-largest producer. However, its influence on global energy supplies is much greater due to its strategic location on The Strait of Hormuz, the shipping lane for about a fifth of the world’s crude oil.
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