U.S. Gas Prices Hit Highest Level Since Beginning of War in Iran
The average cost for a gallon of regular gasoline in the United States rose to $4.18, its highest level since April 2022, as peace talks between the US and Iran stalled. Oil prices continued to climb, with Brent crude rising 4 percent to above $105 a barrel for July delivery.
Gasoline prices in the US rose to their highest level in four years, with the average cost for a gallon of regular gasoline reaching $4.18. The price increase is linked to stalled peace talks between the US and Iran, which have disrupted oil shipping in the Strait of Hormuz. Oil prices have been climbing, with Brent crude rising 4 percent to above $105 a barrel for July delivery. The price of West Texas Intermediate crude, the US benchmark, rose 5 percent to around $101 a barrel for June delivery. The increase in gas prices has raised the cost for drivers 40 percent since the war began. Stock markets were mixed, with the S&P 500 falling 0.6 percent on Tuesday ahead of tech company earnings and the Federal Reserve's decision on interest rates.
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