US EditionHeating Oil Prices Surge in Maine After Strikes on Iran
U.S.-Israeli strikes on Iran caused a rapid 11-cent overnight rise in U.S. gas prices to $3.11 and pushed crude oil to $76 per barrel, impacting heating oil costs.
- On Tuesday, U.S.-Israeli strikes triggered a sharp rise in gasoline prices, with the national average jumping 11 cents to $3.11, the first time above Dec. 1.
- Amid the strikes, Iran announced moves to blockade the Strait of Hormuz, disrupting about 20% of the world's oil flow and slowing tanker traffic as of Wednesday.
- WTI futures climbed to just under $76 a barrel, up from $66 a week earlier, and pump prices typically lag crude by a week or two but rising sharply already pressures retail gasoline.
- Consumers and small fuel businesses are feeling immediate pain as Maine heating oil has topped $4 a gallon, about a dollar higher than last week, squeezing local delivery companies and mom-and-pop businesses.
- If the Strait of Hormuz stays closed, analysts including Robert McNally warn crude could exceed $100 and pump prices approach $4 in the coming weeks, depending on how long the situation persists.
20 Articles
20 Articles
Central Maine News
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