""After the announcement of the initial ceasefire, there was kind of optimism that this really could be the beginning of the end of the conflict. And so crude prices came down correspondingly, gasoline spot prices followed, and so on and ... the retailers lowered prices as well.""
""There's a fundamental shortfall that will exist globally or fundamental struggle to meet that demand that will drive up price. No matter what a government says or what any market person thinks, there is a true kind of upward pressure that's being exerted on prices every day the Strait of Hormuz is constrained. And it is still severely constrained.""
Gasoline prices increased by 31 cents to an average of $4.48 per gallon, driven by a global energy crisis linked to the Iran war. The Strait of Hormuz, a critical oil passage, has been effectively shut, causing crude oil prices to rise. Initial optimism following a ceasefire announcement led to temporary price drops, but as the conflict persisted, prices surged again. A fundamental shortfall in oil supply continues to exert upward pressure on gasoline prices, with crude oil accounting for a significant portion of gasoline costs.
Read at Fortune
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