Oil Prices Bite

 Even though the price of oil itself has leveled off, everyday drivers are still feeling the squeeze at the petrol station. In the U.S., gasoline has jumped to an average of $4 a gallon—about 30% higher than before the recent conflict involving the U.S., Israel, and Iran. Diesel, which powers trucks and trains, is up even more sharply at $5 a gallon, a 40% increase. That means the cost of moving goods around is rising, and soon everyday products could get more expensive too.

The Strait of Hormuz, a narrow waterway where one-fifth of the world’s oil usually passes, remains disrupted. Iran has effectively set up a toll system for ships, slowing global trade. While President Trump has signaled he’s ready to end the war, analysts warn that any escalation—like a U.S. ground operation or wider Iranian retaliation—could send oil prices soaring to levels not seen since 2008, when Brent crude nearly hit $150 a barrel.

Source: Newstimehub