Gas prices cross $3 gallon for first time since November — and

Gas prices cross $3 gallon for first time since November — and

Average US gasoline prices on Monday jumped above $3 a gallon for the first time since November following the outbreak of battle in the Middle East – and heightened tensions there may see more hikes at the fuel pump over the coming weeks, according to specialists.

Brent crude oil prices surged Monday practically 6% to more than $76 a barrel after joint US-Israeli air strikes on Iran over the weekend killed Iranian Supreme Leader Ayatollah Ali Khamenei — sparking violent retaliation.

President Trump warned that the strikes may last “four weeks or so,” while Iranian assaults have broadened to incorporate neighboring nations like the United Arab Emirates, Kuwait and Bahrain.

Average US retail gasoline prices crossed $3 a gallon for the first time since November on Monday as the battle in the Middle East worsened Getty Images

“We will start to see that impact at the pump because 20% of that oil comes from the Middle East,” Shirvin Zeinalzadeh, professor and Middle East skilled at Arizona State University, told The Post. “This is something we can start to see creeping up over the next week or two.”

Iran, which is the fourth-largest oil producer in the Organization of the Petroleum Exporting Countries, has closed the Strait of Hormuz – a significant maritime route positioned in the gulf between Oman and Iran – and threatened to set any ships that try and move by way of it on hearth, Reuters reported Monday night, citing Iranian media.

The route noticed about 20.9 million barrels of oil transported per day in 2023, according to the US Energy Information Administration – and its closure may disrupt essential oil shipments.

“This is not something that can be turned on and off with a switch,” warned Zeinalzadeh, including that even if the assaults end within 4 weeks, it may take longer for prices to come back down than it did for them to spike.

In another situation, protracted battle may see prices spike as high as $100 per barrel — a level not seen since Russia invaded Ukraine in 2022 — some specialists warned.

“If the conflict is prolonged and, in particular, if it affects actual oil supply, due to disruptions to Iranian supply or to Iranian attempts to block the Strait of Hormuz, it could cause oil prices to jump, perhaps to around $100 per barrel,” William Jackson, chief rising markets economist at Capital Economics, said in a notice to purchasers quoted by Deutsche Welle.

Higher prices at the fuel pump may spell hassle for Republicans ahead of midterm elections in November, as many Americans are already combating an affordability disaster.

Inflation slowed to 2.4% in January, its tamest tempo since last May, however prices stay stubbornly high on many items – including groceries, furnishings and clothes, according to the most just lately accessible Consumer Price Index.

Nearly half of respondents said they might be less prone to assist Trump’s assaults in Iran if fuel prices rise in the US, according to a Reuters/Ipsos ballot.

Analysts anticipate every rise of $10 a barrel in crude oil prices to result in a rise of 25 cents per gallon at the pump. Refinery snags may result in greater jumps in gasoline prices. Explosions in Iran, above. Anadolu through Getty Images

“Gasoline prices are psychologically powerful,” said Mark Malek, chief funding officer at Siebert Financial. “They are the inflation number that consumers see every single day.”

Follow The Post’s coverage of the United States’ airstrikes on Iran:

There could possibly be a “double whammy” impact if Iran continues to carry the Strait of Hormuz as a chokepoint, since the Persian Gulf also performs a major position in commerce routes to ports in Dubai, Qatar and Abu Dhabi, according to Zeinalzadeh.

It may make it more troublesome for Americans to get their palms on items often shipped from China and other Eastern nations, like attire, textiles, chemical merchandise and items bought on Amazon, Temu and Shein, he said.

With Post wires

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