Drivers filling up their tanks are facing sticker shock as gasoline costs surged 11 cents in a single day, bringing the national average to roughly $3.11 per gallon, AAA reported.
While fuel costs had already been climbing due to seasonal factors as oil companies transition to summer gasoline formulations, the recent military conflict involving U.S. strikes on Iran has sent crude oil markets into overdrive.
Tuesday witnessed oil futures climbing to their highest points in over 12 months following Iran’s retaliatory military response, which included drone attacks targeting the U.S. Embassy in Saudi Arabia.
Domestic crude oil prices surged 8.6% to reach $77.36 per barrel.
International Brent crude oil experienced a 6.7% increase, settling at $81.29 per barrel. Market analysts attribute the week’s dramatic price increases to fears that ongoing military actions could disrupt global oil supply chains.
