U.S. Gasoline Prices Climb Amidst Ongoing U.S.-Iran Tensions
Gasoline prices in the U.S. have increased by 22.4 cents, reaching an average of $4.089 per gallon. This rise follows a period where prices had decreased by 71.3 cents over seven weeks. The escalation is attributed to unresolved oil vessel traffic issues in the Strait of Hormuz, exacerbated by the U.S.-Iran conflict. The conflict has added $17.90 per barrel to the price of West Texas Intermediate crude oil. Despite refiners not fully passing on these costs, wholesale gasoline prices have increased significantly, reducing retail margins. Retailers are under pressure to raise prices to maintain viability, as the current retail margin is unsustainable. 
