Khaberni - Data from price-tracking services (AAA) and (Gas Buddy) indicate that the national average retail gasoline price in the United States exceeded $3.50 per gallon this week, reaching its highest level since May 2024, as the US-Israeli war on Iran raised concerns about supplies.
The disruptions in oil exports from the Middle East through the Strait of Hormuz have caused fuel prices to spike globally, putting pressure on consumers' pockets and disrupting global economic activity.
This poses the greatest risk to U.S. President Donald Trump and his Republican Party in the midterm elections in November, especially since one of the main drivers for Trump's re-election in 2024 was his pledge to reduce energy costs.
William Stern, the CEO of American company Cardiff specialized in lending to small businesses, said, "Geopolitical shocks do not take months to impact your budget. They take days."
The average retail gasoline prices in the United States have jumped 60 cents since Trump's decision to join Israel in attacking Iran on February 28, reaching $3.58 per gallon on Wednesday.
