ArmInfo. Global fuel markets continue to face supply disruptions caused by the war in the Middle East. The average price of gasoline in the US exceeded $3.75 per gallon (about 3.78 liters) for the first time since October 2023, according to pricing platform Gasbuddy.
The average retail price of gasoline in the US has risen by about 84 cents per gallon since the US-Israeli invasion of Iran on February 28, reaching $3.83 per gallon, according to Gasbuddy.
Since the end of February, US gasoline prices have risen more than 27 percent, the Energy Information Administration (EIA) reported yesterday.
Global fuel markets continue to face supply disruptions caused by the war in the Middle East.
The war in the Middle East has disrupted supplies from the Persian Gulf, one of the world's largest oil-producing regions, as Iranian attacks on ships in the Strait of Hormuz have almost completely disrupted shipping along the region's key energy export route.
The United States is relatively well-supplied with fuel, with reserves totaling about 28.5 days of consumption at the end of last week. Fuel inventories in the United States reached their highest levels for this time of year since 2021.
However, gas pump prices followed a sharp rise in crude oil prices. This is the most significant component in retail fuel pricing, Reuters notes.
Against this backdrop, crude oil prices have held near $100 per barrel in recent days.
