As the US and Iran again trade fire in the Middle East, the global benchmark for oil prices has surged back past $100 a barrel.
The increase in Brent crude, which now stands at $100.6, comes as the US and Iran step up their attacks on oil tanker ships in and around the Persian Gulf. American authorities said they** took out five Iranian oil tankers** on Tuesday in retaliation for attacks on a US naval vessel. Iran, in turn, launched a missile barrage targeting a US base in Jordan as well as several oil tankers.
Crude oil is the primary component in gasoline and diesel fuel, and as crude oil prices rise, so do the costs American drivers pay at the pump.
Surging gas prices downstream of the US and Israeli campaign against Iran have rankled voters, and loom over Republicans’ efforts to retain control of Congress through the midterms. Trump campaigned heavily on bringing down prices – and gas prices in particular – ahead of his 2024 election.
