How are recent US-Iran strikes impacting gas prices this holiday weekend?
The U.S. and Iran exchanged attacks over the weekend, with Iran targeting a U.S. vessel and the U.S. responding by striking Iranian oil tankers, as the conflict continues to impact fuel prices.
WASHINGTON —
The United States and Iran exchanged retaliatory attacks over the weekend, escalating tensions in the Strait of Hormuz as the conflict shows no signs of resolution.
On Sunday, Iran claimed it struck an unmanned U.S. vessel attempting to enter the Strait of Hormuz. The U.S. did not immediately confirm the attack.
The incident followed a U.S. military operation on Saturday in which American forces targeted three Iranian oil tankers. The strikes were in response to a missile attack on U.S. Navy ships.
In a statement, Adm. Brad Cooper, head of U.S. Central Command, said, “Let the message to the IRGC be clear: If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours.”
The ongoing conflict, which has lasted more than six months, is driving up fuel prices in the United States. According to AAA, the average price for a gallon of regular gas is $4.15, a 39% increase compared to prices at the start of the war in late February.
On Friday, AAA reported diesel hit a record price in the U.S., climbing to $5.85 a gallon. Today, the price for a gallon of diesel is $5.90. Higher diesel prices mean higher transportation costs for a long list of everyday goods, which can trickle down to consumers.
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