Business News | US Gas Prices Hit Four-year High of USD 4.50 as Strait of Hormuz Bottleneck Persists
Get latest articles and stories on Business at LatestLY. Average US gas prices topped USD 4.50 a gallon on Tuesday, the highest level recorded in nearly four years, according to an ABC News report. This price milestone comes as the war in Iran continues and the Strait of Hormuz, a critical channel for international oil trade, remains restricted, impacting global energy flows and driving up costs for American motorists
New Delhi [India], May 6 (ANI): Average US gas prices topped USD 4.50 a gallon on Tuesday, the highest level recorded in nearly four years, according to an ABC News report.
This price milestone comes as the war in Iran continues and the Strait of Hormuz, a critical channel for international oil trade, remains restricted, impacting global energy flows and driving up costs for American motorists.
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Citing data from GasBuddy, the report noted that the average price for a gallon of regular unleaded gas jumped to USD 4.51 on Tuesday. This represented the highest national average since July 17, 2022.
Patrick DeHaan, the head petroleum analyst for GasBuddy, said that he expected gas prices to keep rising in the absence of a peace deal to end the war.
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"US gasoline inventories are already at multi-year seasonal lows, which means prices will face even more upward pressure," the report quoted DeHaan. The cost of gasoline across the country rose 21 cents a gallon since last Thursday. Since the war in Iran began on February 28, the national average has increased by a total of USD 1.54 a gallon, according to GasBuddy.
In an effort to stabilize the situation and break the bottleneck in the Strait of Hormuz, US Central Command forces launched "Project Freedom" on Sunday. The initiative aimed to guide commercial ships through the waterway following a blockade of Iranian ports ordered by President Donald Trump in early April.
"Gen. Dan Caine, chairman of the Joint Chiefs of Staff, said during a press briefing on Tuesday that since a ceasefire went into effect in early April, Iranian military forces have fired on commercial vessels trying to get through the strait nine times and have seized two container ships. Caine said U.S. forces have also been attacked 10 times," the report stated.
Defense Secretary Pete Hegseth addressed the situation during the briefing, calling for the end of the maritime restrictions.
"Let innocent ships pass freely," the report quoted Hegseth. "We're not looking for a fight. But Iran also cannot be allowed to block innocent countries and their goods from an international waterway."
At the time of filing this report, market figures showed Brent Crude standing at USD 108.11 and Crude oil at USD 100.69. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)