US retail gasoline and diesel prices climbed to their highest in years, adding pressure on consumers ahead of the summer travel season as the war in Iran continues to disrupt global energy markets.
Gasoline averaged $4.12 per gallon Monday, according to the American Automobile Association, up more than $1.10 from late February, when the US and Israel launched attacks on Iran.
Diesel prices stood at $5.65 nationwide, also sharply higher as crude markets remained under strain despite recent signs of possible progress on a US-Iran agreement.
The war has severely disrupted traffic through the Strait of Hormuz, a key route for global oil shipments, pushing crude prices higher, which has fed through to fuel costs in the US.
Higher gasoline and diesel prices have also added to broader inflation pressures, with the effect spreading to airfares, food and transportation costs.
Although pump prices have eased slightly in recent days as markets weighed the possibility of a deal to end the war, they remain elevated for this time of year.
US Energy Secretary Chris Wright said Tuesday that gasoline prices could stay high for “a few more weeks.”
The US Energy Information Administration said last week that retail gasoline prices could average $4.16 in the second quarter if the war ends in April, before easing to $3.55 by the fourth quarter.
By Mucahithan Avcioglu
Anadolu Agency
energy@aa.com.tr
