Gas prices are skyrocketing this week, according to the analyst
- Wanjiru Waweru
- 3 days ago
- 2 min read
Wanjiru Waweru, Jadetimes Contributor
W. Waweru is a Jadetimes News Reporter Covering America News
Gas prices could see another jolt this week with the announcement of a brand-new U.S. naval blockader in the Strait of Hormuz that begins Monday, according to industry analysts.
Oil prices increased on Monday, April 13, after U.S. negotiations with Iran failed to reach an agreement to reopen the Middle East shipping lane that held about 20% of oil across the globe before the U.S. and Israel began the war.
Gasbuddy Senior Petroleum Analyst Patrick De Haan reported a statement.
“With a breakdown in talks and renewed escalation over the weekend, motorists should prepare for another round of price increases,” said Haan. “The move toward a full blockade of the Strait of Hormuz is compounding global supply concerns and risks further disrupting flows.
Consequently, gasoline prices are most likely to rise consistently this week, and diesel would eventually follow, Haan explained, “until there is a meaningful restoration of shipping through the Strait.”
The average price for a gallon of gasoline on Monday is $4.12, according to AAA, the same as Sunday, and within less than a penny for over a week. The day before the U.S. and Israel began missile strikes on Iran in February, the average price was $2.98.
Over the last week, the average price for a gallon of diesel rose 4.1 cents to $5.61, according to GasBuddy.
Early Monday, Brent crude oil was trading at $102 per barrel – a 7% increase after President Donald Trump announced the naval blockade. Over the past year, prices for Brent crude rose from $59 to $120. They were around $70 per barrel before the war.
De Haan reported that the oil markets would most likely remain very reactive to events in the Persian Gulf, as unpredictably stay high.
Iran addressed Trump’s threatened naval blockade of all Iranian ports with a lot of threats against their ports in the Persian Gulf and the Gulf of Oman.
Trump stated in an interview with Fox News’ Maria Baritomo on Sunday Morning Futures, as he said about the expectation of the gas prices to be “the same or maybe a little bit higher” during the midterm election later this year, in November.
When Baritromo asked Trump whether the blockade, coupled with the U.S. opening more oil capacity, would be able to reduce the price of oil, he suggested, “It’s going to be. Eventually it’s going to be lower. No, it might not happen initially, but it’s going to go down.”
Wanjiru Waweru is a Jadetimes Contributor. You can email Wanjiru at sellmypaperwork@gmail.com.
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