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(NEW YORK) — Gas prices in the United States topped $4 per gallon on average Tuesday, crossing the milestone for the first time in nearly four years, just weeks after the U.S.-Israeli war on Iran set off a global oil shock and spiked fuel costs.
Prices at the pump have soared more than 30% since the war began on Feb. 28., AAA data showed. Fuel costs last exceeded $4 a gallon in August 2022 following the Russian invasion of Ukraine.
The Middle East conflict prompted Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The risk of a prolonged oil shortage triggered a surge in crude prices.
The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.
Global oil prices hovered around $104 a barrel on Tuesday, which amounted to a nearly 50% price leap from pre-war levels.
Crude oil is the main ingredient in auto fuel, accounting for more than half of the price paid at the pump, according to the federal U.S. Energy Information Administration.
Fatih Birol, the executive director of the International Energy Agency (IEA), earlier this week said the current oil crisis had surpassed the combined effect of worldwide energy shocks in the 1970s.
The global economy faces a “major, major threat,” Birol said at an event in Canberra, Australia, noting that no country would be “immune to the effects of this crisis if it continues to go in this direction.”
Member nations of the IEA announced two weeks ago that they plan to release 400 million barrels of oil from its strategic reserve, marking the largest oil release in the 32-nation group’s history.
The Trump administration is set to carry out the second-largest-ever delivery from the nation’s emergency reserve, which will make up nearly half of the IEA’s planned release. Trump also eased sanctions on Russian oil and suspended a key regulation of domestic oil transport. The president has also sought to restore tanker traffic in the Strait of Hormuz.
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(NEW YORK) — Stocks closed significantly higher on Wednesday, just hours after the U.S. and Iran announced a two-week ceasefire.
The Dow Jones Industrial average surged 1,325 points, or 2.8%, while the S&P 500 climbed 2.5%. The tech-heavy Nasdaq jumped 2.8%.
As part of the accord, Iran says it will allow tankers passage through the Strait of Hormuz, a vital shipping route for oil and gas, as long as they coordinate with the nation’s military.
Investors appeared optimistic that the agreement would ease one of the worst global oil shortages in decades, though the resumption of tanker traffic in the strait remained uncertain.
U.S. oil prices plummeted nearly 15% on Wednesday, registering at about $96 a barrel. Still, the price of oil remained well above pre-war levels of about $67 a barrel.
President Donald Trump touted the ceasefire in a social media post on Wednesday, saying there would be “no enrichment of Uranium,” despite the Iranians claiming that the U.S. agreed to its plan, which includes numerous concessions.
The president added that “the United States will, working with Iran, dig up and remove all of the deeply buried (B-2 Bombers) Nuclear ‘Dust.'”
The Iranian Supreme National Security Council’s statement on Tuesday included “acceptance of enrichment” in its 10-point plan.
Investors will likely pay close attention to a potential uptick in tanker traffic through the Strait of Hormuz.
Following Israeli attacks on Lebanon on Wednesday, oil tankers are suspended from passing through the strait, Iran’s semi-official Fars News Agency reported.
Typically, scores of ships carry a fifth of the world’s oil through the strait each day, but Iran effectively closed the passage over the course of the war. That oil shortage sent crude prices soaring, and it threatened far-reaching price increases that some economists feared could tip the U.S. economy into a recession.
ABC News’ David Brennan, Jon Haworth and Nadine El-Bawab contributed to this report.
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