Average petrol prices in the United States have reached $4.00 per gallon (3.78 liters), marking the second consecutive week of rising costs for consumers, according to the American Automobile Association (AAA).

The increase in petrol and oil prices coincides with heightened tensions between the United States and Iran. Additionally, Yemen’s Houthis have announced a naval blockade against Saudi Arabia, further disrupting regional oil markets.

Benchmark oil prices have also fluctuated recently, with Brent crude reaching $91.42 on Sunday before a slight decline to $88.04 on Monday. US West Texas Intermediate (WTI) crude hit its highest level since June 12 at $85.39 before retreating marginally to $82.29.

The breakdown of the US-Iran ceasefire has raised concerns over tanker traffic through the strategically vital Strait of Hormuz, which previously handled about 20 percent of the world’s oil supply.

The average petrol price rose from $3.87 per gallon just a week prior. This increase follows a 9.5 percent drop in petrol prices reported last week by the Department of Labor’s Bureau of Labor Statistics Consumer Price Index (CPI).

Meanwhile, Iranians continue to face power blackouts amid ongoing war and a heatwave.

Sources