Average petrol prices in the United States have climbed to $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 comes amid escalating tensions between the United States and Iran. Yemen’s Houthis have also announced a naval blockade against Saudi Arabia, further disrupting regional oil markets.

Benchmark oil prices have shown volatility in recent days, with Brent crude reaching $91.42 on Sunday before slightly falling 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 important Strait of Hormuz, which previously carried about 20 percent of the world’s oil supply before the conflict.

The average petrol price increase to $4.00 per gallon is up from $3.87 just a week earlier, as tracked daily by the AAA. This rise 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).

Additionally, Iranians are reportedly suffering from power blackouts amid ongoing war and a heatwave.

Sources