US EditionGas Prices Increasing Amid Middle East Conflict
- Since June 13, Israel and Iran have exchanged missile and air strikes, escalating a conflict centered on Iran's nuclear program in the Middle East.
- Israel initiated the conflict with a surprise attack aiming to dismantle Iran's nuclear capabilities as Tehran appeared close to producing weapons-grade uranium.
- The conflict has disrupted energy infrastructure, including damage to Israel's Bazan refinery and a partial production halt at Iran's South Pars gas field near the Strait of Hormuz.
- Oil prices surged over 20% in June, with Brent crude settling at $76.45 a barrel, driving U.S. gas prices up 7 cents to an average of $3.19 per gallon nationally.
- The escalation raises risks of broader economic impacts, especially for fuel-dependent countries like South Africa, where President Ramaphosa called for urgent dialogue amid rising fuel costs and economic vulnerabilities.
16 Articles
16 Articles
Korean industries on alert as Iran-Israel war intensifies
As the conflict between Iran and Israel further escalates with the United States inserting itself into the war, Korea’s industrial sector is on high alert over concerns that prolonged warfare could drive up global oil prices and disrupt supply chains. The war between Iran and Israel, which began on June 13 with Israeli attacks on Iran’s nuclear and military sites, was intensified by U.S. strikes on three Iranian nuclear facilities, Saturday (loc…
Little Change to Average Riverside County Gas Price
The average price of a gallon of self-serve regular gasoline in Riverside County increased two-tenths of a cent Saturday to $4.469. The average price is 1.4 cents more than one week ago, but 20.1 cents less than one month ago and 23.3 cents less than one year ago, according to figures from AAA and the Oil Price Information Service. It has dropped $1.904 since rising to a record $6.373 on Oct. 5, 2022. “Crude oil prices jumped from about $60 a ba…
Your gas prices might skyrocket because of what’s happening in the Middle East
Israel and Iran have been exchanging missile, drone, and air strikes on each other’s territory since June 13 in what is expected to be an evolving—and potentially escalating—conflict.The conflict was initiated by Israel as a preemptive strike to dismantle Iran’s nuclear program. Israel’s rationale for this operation is to prevent Iran from obtaining a nuclear weapon; the Israeli government concluded that Iran was weeks away from producing weapon…
Now it comes to the revenge that the Brussels Eurocrats have sanctioned the Russian oil industry, because with the escalation between Israel and Iran, as well as the imminent blockade of the Strait of Hormus, diesel will be significantly more expensive. The risk premiums will significantly harm the European economy. Oil prices are one thing, gasoline and diesel prices another. Because the respective refinery capacities and logistics chains also …
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