The cost of crude oil continued its steady climb Wednesday morning, as the international benchmark Brent Crude approached the $ 115-per-barrel mark.
This upward trend in the energy market is translating directly to American wallets, with the national average for a gallon of gasoline jumping to $4.23 on Wednesday.
According to data from AAA, this new average represents the highest price level recorded since the onset of the war with Iran. The current price at the pump is now $1.25 higher than it was on Feb. 28, the date the United States and Israel initiated their first military strikes against Iran.
Because crude oil accounts for roughly 51% of the total cost of a gallon of gas, the volatility in the global oil market remains the primary driver of these domestic price hikes.
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Markets had seen a brief window of stability following an April 8 agreement on a two-week ceasefire. During that period, prices retreated slightly from a previous high of $4.17 as diplomatic progress seemed likely.
While President Trump has since extended that ceasefire, the momentum behind peace negotiations has reportedly stalled in recent days.
The lack of a concrete resolution regarding the Strait of Hormuz—a critical chokepoint for global oil shipments—has added further pressure to the market. Patrick De Haan, a petroleum expert at GasBuddy, noted on Tuesday that the absence of a clear strategy is reversing previous market gains.
“The Strait is not reopened — there’s no cohesive plan for reopening it — and now negotiations have been basically stopped,” De Haan said. “So oil’s been slowly recapturing some of what it gave up after the ceasefire was announced.”
With negotiations currently at a standstill, the early morning surge in Brent Crude suggests that traders are once again pricing in the risks of a prolonged conflict and continued supply disruptions.
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