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Gas Prices Surge to $4.06 Per Gallon Amid Global Tensions

KVIA••CNN Newsource
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The average price of regular gasoline in the U.S. has risen by nearly 5 cents, reaching $4.06 per gallon, marking the largest daily increase in over two weeks. This spike follows a period where prices hovered around $3.98, and it represents a $1.08 increase over the past month, driven largely by escalating tensions from the ongoing war in Iran. Historical comparisons show this recent rise surpasses previous spikes, such as those following Hurricane Katrina and the sanctions against Russia. Although oil futures dropped slightly after President Trump's optimistic comments about the war's potential end, the closure of the Strait of Hormuz remains a significant factor affecting global oil markets, which could keep prices elevated for some time.

Key Details: • Current gas price is $4.06 per gallon, up from $3.98. • Prices increased by $1.08 in the last month due to the war in Iran. • The Strait of Hormuz, a critical oil transit route, may remain closed.

economy gas-prices inflation oil-market iran-war

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Donald TrumpAAAStrait of Hormuz

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