Gasoline prices in the United States have climbed to their highest levels in nearly four years, driven by ongoing disruptions in the Strait of Hormuz.
With the critical shipping route still closed, analysts warn that fuel and diesel prices are likely to rise further this summer.
The situation has pushed prices above $4 per gallon in all 50 states, according to recent reports.
The situation has pushed prices above $4 per gallon in all 50 states, according to recent reports.
The energy market is reacting to the prolonged uncertainty, with oil prices reaching their highest levels since the start of the Iran war.
The closure of the Strait of Hormuz has exacerbated supply concerns, tightening global oil and refined product inventories.
Analysts estimate that only four to six weeks remain before prices for gasoline, diesel, and jet fuel could surge significantly.