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US gasoline prices jumped nearly 30 cents in a week amid the Strait of Hormuz blockade and Iran diplomatic deadlock.
The average price of one gallon (3.8 liters) of gasoline in the United States has reached $4.30, according to the American Automobile Association (AAA), from less than $3 on February 28 before the start of the US-Israel war in Iran.
Thursday’s prices come as the US President Donald Trump insists that time is on his side against Iran, even as he rejects Tehran’s offer of an initial deal to reopen the Strait of Hormuz.
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According to AAA, gas prices rose by 27 cents last week amid heightened tensions, with Iran blocking the river and the US setting up military bases at Iranian ports.
“The global average is $1.12 more than it was this time last year, as oil prices rise above $100/barrel with no indication of when the Strait of Hormuz will reopen,” AAA said in a brief report on Thursday.
“Gas prices are the highest they’ve been in four years, starting at the end of July 2022.”
California, home to about 40 million people, gas prices rose more than $ 6 per gallon on Thursday.
The rise in electricity prices has been to encourage inflation and economic uncertainty, adding to Trump’s political woes.
The US president’s approval rating is falling amid discontent over the conflict with Iran, according to recent public opinion polls. polls show.
Since the start of the war, Trump and his allies have been trying to frame rising oil prices as a short-term price to pay to achieve military goals.
The US president reiterated that argument on Thursday when asked about the latest rate hike.
“And you know what? And we’re not going to have a nuclear weapon in Iran’s hands,” the US president told reporters.
“The gas will go down, as soon as the war is over, it will fall like a rock.”
However, oil prices do not automatically fall after a war. Although the end of the fire was reached on April 8, the price of gas in the US continues to rise.
Iran denies seeking a nuclear weapon.
Although the US is one of the largest oil producers and is less dependent on energy from the Middle East, international prices affect what Americans pay at the pump.
On Thursday, Trump emphasized that Iran has been defeated militarily and economically – something he has been repeating since the first days of the war.
“Iran is dying to make a deal,” he said, calling the naval blockade against the country “shocking”.
Tehran is showing defiance, refusing to negotiate directly with the US until the blockade is lifted, even after Trump announced last week that he would. he was sending his high representative in Pakistan to discuss with the Iranian authorities.
Earlier on Thursday, Iranian President Masoud Pezeshkian said that Iran is losing patience with the current situation of no war and no peace amid the US siege.
“The world has seen compromise with the Iran deal. What is being done covertly is a blockade and increased military operations against a country that is paying the price for its resistance and independence,” Pezeshkian said in his post.
“Continuing this repressive approach is untenable.”
