The United States (US) national average retail price of petrol crossed $4 a gallon ($1 per litre) for the first time in more than three years on Tuesday.
According to a Reuters report, data from GasBuddy, a price
tracking services, showed the price surged to the current amount for the first
time since August 2022.
The development comes as the US-Israel war with Iran
continued to roil global energy markets.
“The $4 per gallon milestone was last reached in August 2022
following Russia’s invasion of Ukraine and represents what some analysts have
called a psychological barrier for consumers,” the publication said.
“Prices for many goods are climbing, including oil used to
make gasoline, following Iran’s essential closure of the Strait of Hormuz, a
key trade chokepoint.
“Surging fuel prices have started to weigh on U.S. household
finances, which were already grappling with rising costs.”
Reuters said US national average retail petrol prices have climbed about $1.06 a gallon ($0.26 per litre), or 36 percent since the US and Israel attacked Iran at the end of February.
On March 30, US President Donald Trump said his preference
would be to take the oil in Iran as the Islamic Republic continues to engage in
strikes and counter strikes against Israel and the United States.
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