Washington, MAy 1, (dpa/GNA) – With no immediate prospect of the Strait of Hormuz, a vital artery for global oil trade reopening, US petrol prices have climbed to their highest level in nearly four years.
According to the AAA, a US motoring and consumer group, motorists paid an average of $4.39 per gallon (3.785 litres) on Friday, up more than 30 cents in just over a week.
A day earlier, when the nationalaverage stood at $4.30, the organization had said prices were already at their highest since late July 2022.
At the start of the war in late February, when the United States and Israel began launching attacks on Iran, the average price was $2.98 per gallon. Since then, it has surged by around 47%.
Shipping through the Strait of Hormuz remains at a virtual standstill.
According to a report by the UK Maritime Trade Operations, fewer than 10 vessels are currently transiting the strait each day.
Before Iran effectively blocked the route in response to the war, roughly 130 ships passed through daily, the report said.
GNA