finance
U.S. Gasoline Prices Rise for First Time Since May After Renewed Iran Fighting and Russian Refinery Strikes
The national average reached $3.8590 per gallon on July 14, up from $3.79 a week earlier. Renewed U.S.-Iran fighting and Ukrainian strikes on Russian refineries tightened global fuel supplies.
Jul 14, 11:30 AM·1m read5 sources
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U.S. gasoline prices increased for the first time since May, with the national average reaching $3.8590 per gallon on July 14. The figure marked a rise from $3.7900 the prior week, according to AAA data.
Nearly 80 percent of states recorded retail price gains, while oil prices stood about 15 percent higher than one week earlier. -Iran ceasefire. U.S. forces struck Iranian radar sites, air defense systems, and Revolutionary Guard targets.
President Donald Trump reinstated a naval blockade on Iranian shipping and demanded transit fees for vessels passing through the Strait of Hormuz. -linked military facilities in Bahrain, Kuwait, Oman, and three other countries. Commercial shipping traffic through the Strait fell by roughly 50 percent.
Russia banned diesel exports last week to stabilize its domestic market after Ukrainian drone attacks disabled major oil depots and processing terminals in Tver, Stavropol, Bataysk, and Ufa. Independent analysts estimate the strikes have disabled around one-third of Russia’s refining capacity.
