WASHINGTON: The average price of gasoline in the United States US jumped by 42.2 percent in May compared to the same month last year, according to data released by the US Department of Transportation.
The sharp increase comes as crude oil prices in global markets rose one percent, reaching a one-week high. Market attention is now focused on any potential progress in ongoing negotiations between the United States and Iran.
According to the report, the situation in the Strait of Hormuz is having a profound impact on oil prices. A partial blockade of the strategic waterway has disrupted a fifth of the world’s supply of oil and liquefied natural gas, leading to price increases of 50 percent or more in global markets.
Analysts warn that continued instability in the region could push prices even higher, adding further pressure on American consumers already facing elevated fuel costs.
