Oil Prices Surge After Iran Strikes, Gas Prices May Rise
Oakland News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Oil prices soar post U.S.-Israel strikes on Iran, potentially leading to higher gas prices for American drivers this week. West Texas Intermediate crude surged six percent, while Brent crude reached its highest in over a year. Gradual increases are expected, with some stations possibly charging thirty cents more per gallon by weeks end. Despite this, gas prices remain seven percent below last years levels, offering some relief amid broader inflation cooling. Venezuelan oil imports could help ease gasoline and diesel prices into March, potentially offsetting the impact of higher oil. However, higher oil could also fan inflation flames, delaying Federal Reserve interest rate cuts.
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