US Gas Tops $4 a Gallon Again as Hormuz Fighting Lifts Brent Above $90
Updated
Updated · CNN · Jul 20
US Gas Tops $4 a Gallon Again as Hormuz Fighting Lifts Brent Above $90
3 articles · Updated · CNN · Jul 20
Summary
$4-a-gallon gasoline returned nationwide on Monday, up about 13 cents in a week, after renewed US-Iran fighting again choked oil flows through the Strait of Hormuz.
Brent briefly rose above $90 a barrel for the first time since early June and is up roughly 16% over the past week, while WTI has gained about $12 this month.
The rebound reversed a brief post-truce dip below $4 after the June 14 memorandum of understanding, as Iran resumed attacks on ships leaving the strait and the US imposed a blockade on Iranian ports.
Tom Kloza said gasoline futures already point to another 10 to 25 cent increase next week, with Ukraine's refinery strikes on Russia and peak US summer driving demand adding pressure.
Prices are still unlikely to return quickly to the prewar $2.98 average because pump prices typically fall slower than they rise, leaving a political headache for Trump before November's midterms.