US Blockade of Iranian Ports Drives Gas Prices Above $4 Amid Middle East Tensions

Gasoline prices in the United States have surged past $4 per gallon.

The surge is fueled by concerns that global supply could tighten further if disruptions continue.

Al Jazeera

The Strait of Hormuz has become a flashpoint after Iran effectively closed it and the US announced it would blockade Iranian ports.

The average price of regular gasoline topped $4 per gallon for most of April, compared to just under $3 in February.

Seasonal factors and the switch to summer gasoline blends have also contributed to rising prices.

The failure of the US and Iran to reach a peace deal has put markets on alert for further oil and gas price rises.

Trump announced the US would start blockading any and all ships trying to enter or leave the Strait of Hormuz.

Al-Ittihad Lil-Akhbar

The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports.

The Iranian parliamentary speaker said the country will not submit to any threat.

Oil prices fell below $100 after a two-week ceasefire was announced, but rebounded above $100 after the talks collapsed.

Gasoline jumped by 21.2 percent in March and energy costs accounted for nearly three-quarters of the monthly increase in the consumer price index.

Consumers surveyed said they blamed the war for the worsening economy.

Trump acknowledged that oil prices could stay high through the November midterm elections.

The president's approval rating has fallen to its lowest since the start of his second term.