Drivers pulled up to the pump Friday morning to find another sharp spike in fuel costs as the geopolitical standoff in the Middle East continues to rattle global energy markets.
According to data released by AAA, the national average for a gallon of gas hit $4.39 early Friday, marking a staggering nine-cent jump since Thursday alone.
The pain at the pump has accelerated rapidly over the last seven days, with prices climbing 34 cents in just one week.
The primary catalyst for the surge remains the ongoing gridlock in the Strait of Hormuz. The vital shipping lane is currently paralyzed by Iranian threats to commercial vessels—a stance Tehran maintains will not change as long as the U.S. blockade of its ports and ships remains in effect.
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With this narrow waterway restricted, the flow of crude oil shipments has been severely curtailed, sending shockwaves through international markets.
On Thursday, the lack of a diplomatic breakthrough pushed the price of Brent crude, the international benchmark, to a brief peak of over $126 a barrel.
While prices cooled slightly by Friday morning to just over $111 a barrel, the long-term trend remains steep. Before the conflict broke out in late February, Brent crude was trading at approximately $70 per barrel.
Industry analysts note that as long as the tanker gridlock persists and diplomatic resolutions remain out of reach, American motorists are likely to face sustained pressure at the fuel window.
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