#oil markets

Average US gasoline prices have climbed to about $4.52 a gallon, up 56% from late February, as the Iran war and Strait of Hormuz disruptions continue to pressure fuel markets.

High gasoline prices are not contradicted by U.S. oil production strength because refining needs, import patterns, and globally traded crude still tie American consumers to world markets.

As the Strait of Hormuz remains closed and crude prices climb, the pressure is spreading from gasoline and jet fuel into petrochemicals and plastic supply chains.

The national average for regular gasoline climbed above $4 a gallon, more than a dollar higher than a month ago, as crude oil moved past $102 per barrel.

A CleanTechnica analysis argues that a prolonged disruption in Middle East shipping lanes could lift oil prices, squeeze consumers and accelerate the long-term case for electric vehicles.