Gasoline Rises 5%

2026-03-01 23:55 By Anna Fedec 1 min. read

Gasoline prices rose as much as 5% to 2.42 USD/Gal, the highest since August 2024, after unprecedented joint US and Israeli strikes on Iran that killed supreme leader Ayatollah Ali Khamenei threatened to disrupt energy supplies.

Shipping companies quickly began rerouting vessels away from the Strait of Hormuz after insurers warned they might cancel coverage or sharply increase premiums.

The strategic waterway is a crucial chokepoint, handling roughly one-fifth of global oil shipments as well as significant volumes of natural gas.

Meanwhile, OPEC+ agreed on Sunday to resume output hikes after first quarter pause.

The planned increase of 206,000 barrels per day in April exceeded analyst expectations but represents only less than 0.2% of global demand.



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