Khaberni - Data released by the fuel price tracking service (GasBuddy) indicates that the average retail price of gasoline across the United States surpassed four dollars per gallon on Monday for the first time in more than three years, amid the ongoing American-Israeli war with Iran.
Oil prices have risen for the fourth consecutive day on Tuesday as Brent crude is on track to post its largest monthly gains ever and U.S. crude futures are headed for their strongest monthly rise since 2020, due to supply constraints resulting from the widening scope of the war in the Middle East.
Brent crude futures for May climbed $2.26, or 2%, to $115.04 a barrel at 0002 GMT, after reaching its highest level since March 19 during the previous session. The contract for Tuesday is expiring, and the most traded June contract priced at $108.96.
The futures for May U.S. West Texas Intermediate crude rose $3.10, or 3%, to $105.96 a barrel, its highest level since March 9.
The effective closure by Iran of the Strait of Hormuz, which typically carries about a fifth of the world's oil supplies and a large number of liquefied natural gas tankers, has led to a 59% rise in Brent crude futures so far in March, the highest monthly increase ever, while West Texas Intermediate crude has risen 58% this month, the highest rate since May 2020.
In confirmation of the threat to maritime energy supplies due to the war between Iran on one side and the United States and Israel on the other, the Kuwait News Agency, quoting the Kuwait Petroleum Corporation, reported that the crude oil tanker (Al-Salmi), with a capacity of two million barrels, was allegedly attacked by Iran in Dubai port. Officials also warned of the potential for oil spills in the area.
