As the war in Iran enters its third week, U.S. gasoline prices are averaging $3.72 a gallon, a jump of nearly 80 cents from one month prior. Diesel prices have increased even more sharply, now sitting just under $5 a gallon, up $1.34 from last month, according to AAA. Patrick de Haan, the head of petroleum analysis at GasBuddy, said upward pressure on fuel prices is likely to persist until oil flows resume through the Strait of Hormuz.
The Strait of Hormuz is a crucial waterway through which about 20% of the world's oil traffic typically passes. President Trump is encouraging other nations that depend on oil exported through the passage to "come and help us with the Strait."
Higher diesel prices have an inflationary impact on nearly all goods in the economy, because diesel is used to power farm equipment, construction equipment, and the trucks, ships, and trains that carry goods around the world.
President Trump said the U.S. has "literally obliterated" the Iranian regime as the third week of the war is underway. Approximately 200 U.S. service members have been wounded since the start of Operation Epic Fury, according to U.S. Central Command. The seven countries where the service members were injured are Bahrain, Iraq, Israel, Jordan, Kuwait, Saudi Arabia and the United Arab Emirates.
FCC Chair Brendan Carr has threatened to revoke broadcasters' licenses over Iran war coverage. Trump said he was "thrilled" that Carr is "looking at the licenses" of some "Highly Unpatriotic 'News' Organizations" on Truth Social Sunday evening. CNN CEO Mark Thompson said the network stands by its journalism.
President Trump said Monday that the U.S has the Strait of Hormuz in "very good shape." He added that Secretary of State Marco Rubio and other administration officials would be announcing the countries that will assist the U.S. with reopening the Strait. The United Arab Emirates Ministry of Defense said that the country "dealt with six ballistic missiles and 21 drones coming from Iran" on Monday alone.
As the war in Iran enters its third week, U.S. gasoline prices are averaging $3.72 a gallon, a jump of nearly 80 cents from one month prior. Diesel prices have increased even more sharply, now sitting just under $5 a gallon, up $1.34 from last month, according to AAA. Patrick de Haan, the head of petroleum analysis at GasBuddy, said upward pressure on fuel prices is likely to persist until oil flows resume through the Strait of Hormuz.
Maritime tracking data showed no ships passed through the Strait of Hormuz on Saturday, marking the first full day without any confirmed commercial traffic since February 28, when the U.S. and Israel began military strikes on Iran. The Strait of Hormuz is a crucial waterway through which about 20% of the world's oil traffic typically passes. President Trump is encouraging other nations that depend on oil exported through the passage to "come and help us with the Strait."
Higher diesel prices have an inflationary impact on nearly all goods in the economy, because diesel is used to power farm equipment, construction equipment, and the trucks, ships, and trains that carry goods around the world. Rising oil prices caused by the war are also driving up costs for crop exporters in Brazil, where growers rely heavily on diesel-powered trucks for transportation. The war is making it harder for Fed officials to cut interest rates, as some economists think the Fed, facing inflationary pressures from rising energy prices, may not cut interest rates at all this year.
President Trump said the U.S. has "literally obliterated" the Iranian regime as the third week of the war is underway. Approximately 200 U.S. service members have been wounded since the U.S. and Israeli war with Iran broke out, according to U.S. Central Command. The seven countries where the service members were injured are Bahrain, Iraq, Israel, Jordan, Kuwait, Saudi Arabia and the United Arab Emirates.
FCC Chair Brendan Carr has threatened to revoke broadcasters' licenses over Iran war coverage. Trump said he was "thrilled" that Carr is "looking at the licenses" of some "Highly Unpatriotic 'News' Organizations" on Truth Social Sunday evening. CNN CEO Mark Thompson said the network stands by its journalism.
President Trump said Monday that the U.S has the Strait of Hormuz in "very good shape." He added that Secretary of State Marco Rubio and other administration officials would be announcing the countries that will assist the U.S. with reopening the Strait. The United Arab Emirates Ministry of Defense said that the country "dealt with six ballistic missiles and 21 drones coming from Iran" on Monday alone.
With Brent crude remaining above $100 per barrel, the International Energy Agency may release further emergency crude stocks into the global market to cool rising oil prices.
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