Petrol prices climb as US–Iran tensions disrupt markets

Average US petrol prices hit $4.00 per gallon (3.78 liters), marking the second week of increased costs for consumers.Petrol and oil prices are on the rise as tensions between the United States and Iran escalate, while Yemen’s Houthis have announced a naval blockade against Saudi Arabia.Benchmark oil prices have trended upwards in recent days, with Brent crude hitting $91.42 on Sunday, before falling 0.1 percent on Monday to $88.04. US West Texas Intermediate (WTI) reached its highest level since June 12 at $85.39 before retreating 2 cents, or 0.2 percent, to $82.29.Recommended Stories list of 4 itemslist 1 of 4Trump threatens Canada with steeper tariff costs over wildfire smokelist 2 of 4Trump Media reportedly mulling fee for first access to social media postslist 3 of 4Iranians suffer from power blackouts during war and heatwavelist 4 of 4Yemen’s Houthis declare naval blockade of Saudi Arabia: What to knowend of listThe breakdown of the US-Iran ceasefire drove up prices amid concerns over tanker traffic transiting the strategically important Strait of Hormuz, which, before the war, carried roughly 20 per cent of the world’s oil supply.Those concerns were compounded by pressure from Iran on their Houthi allies in Yemen to close the Red Sea shipping route, if US attacks on Iranian energy infrastructure continue.US consumers are also feeling the pressure at the pump. The average price for a gallon (3.78 litres) of petrol topped $4.00, up from $3.87 just a week ago, according to the American Automobile Association (AAA), which tracks daily petrol prices. It marks the second successive week of increases.The rise comes despite claims that petrol prices are beginning to fall after a report last week showed consumer inflation declined by 0.4 percent on a monthly basis. That was driven by a 9.5 percent drop in petrol prices, according to the Department of Labor’s Bureau of Labor Statistics Consumer Price Index (CPI), released last week.The inflation data reflects a short-lived reprieve in tensions between the US and Iran before fighting intensified again.