Gas prices 'likely to jump again' as oil surges back above $100
Gas prices expected to rise as oil prices soar.
Gas prices are set to increase this week as oil prices surged back above $100, following President Trump's announcement of a blockade on the Strait of Hormuz, which is critical for oil shipping. The national average price for gasoline has already risen to $4.12, reflecting a $0.53 increase over the past month, with analysts warning that prices could reach $5 per gallon if the blockade persists.
Key Takeaways
- 1.
Gasoline prices have risen to a national average of $4.12 per gallon.
- 2.
President Trump announced a blockade on the Strait of Hormuz, affecting oil exports.
- 3.
JPMorgan analysts predict gasoline prices could reach $5 per gallon if the blockade continues.
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