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U.S. gasoline prices tick up after U.S.-Iran ceasefire collapses
AAA data shows the national gasoline average rose to $3.8590 per gallon on Tuesday, reversing a decline that had persisted since May.
U.S. gasoline prices rose for the first time since May, after a tentative U.S.-Iran ceasefire collapsed and renewed tensions lifted concerns about disruption risk in the Strait of Hormuz, OilPrice reported. According to AAA data, the U.S. national average price of gasoline increased to $3.8590 per gallon on Tuesday, up from $3.7900 a week earlier. Data compiled by GasBuddy showed nearly 80% of states recorded higher retail prices, aligning with a rally in crude over the same period, with oil prices about 15% higher than a week ago.
GasBuddy head of petroleum analysis Patrick De Haan said the pace of increases does not yet appear likely to match what motorists saw in March and April, but added that fresh attacks on additional Russian refineries could keep pressure on already tight supplies of refined products.
The report also tied the shift to renewed oil supply risk, saying the ceasefire collapse has reopened one of the world’s largest oil supply chokepoint concerns, with the U.S. reinstating a naval blockade on Iranian shipping and demanding transit fees for vessels passing through the Strait of Hormuz.
Latest closeWTI crude $78.04 ▲9.3%|Gasoline (RBOB) $2.974 ▼0.4%