Summary
- US gasoline prices surged to $4.46 a gallon from $2.98 before the conflict amid the Strait of Hormuz crisis.
- Experts say gasoline prices could rise to about $5.02, the 2022 peak, if the Strait of Hormuz is not reopened within a month.
- Markets are focused on the risk that higher energy prices could drive up costs across transportation, agriculture and consumer goods.
Forecast Trend Report by Period
A prolonged crisis in the Strait of Hormuz could send US gasoline prices to $5 a gallon, adding to uncertainty across energy markets.
US gasoline prices have climbed to about $4.46 a gallon from roughly $2.98 before the conflict, according to Walter Bloomberg, a financial news alert account on X.
Diesel prices have also approached record levels, topping $6 a gallon in some areas. The national average diesel price has risen to about $5.64 a gallon from $3.76 before the war.
Experts say gasoline prices could return to their 2022 peak of about $5.02 a gallon if the Strait of Hormuz is not reopened within a month.
President Donald Trump is supporting transit through the strait through "Project Freedom," but markets are still pricing in the risk of oil supply disruptions, keeping upward pressure on crude prices.
Markets are also watching whether higher energy prices feed through to transportation, agriculture and consumer goods costs.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
