Gas prices soar across the U.S., reaching record highs of $5.20 in California and $4.63 in Washington, as oil benchmarks like WTI and Brent crude surge near $120 before dropping back to $94.77 and $98.96 respectively. Diesel prices have jumped even more sharply, rising 89 cents in a week to $4.66 per gallon. The war in Iran is disrupting oil shipments through the Strait of Hormuz, a critical route from the Persian Gulf. This surge in gas prices is hitting lower-income households hardest, as they spend more of their budgets on fuel and could face higher inflation above 3%. Experts are divided on whats next, with some forecasting four-dollar gas soon due to summer demand and Hormuz risks, while others predict a peak around $3.50 to $4.65 if oil retreats further. The White House has plans to stabilize markets, including up to $20 billion in ship insurance for the region.
Support the show:
Get a discount at https://solipillow.com/discount/dnn.
Advertise on DNN:
advertise@thednn.ai
This is an automated, high-level news summary based on public reporting.
Report issues to feedback@thednn.ai.
View sources & latest updates:
https://sources.thednn.ai/6819ac2d340bce26
