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Amid the escalating conflict with Iran, President Donald Trump just announced he’s taking new steps to protect the global energy trade. The president says he has ordered financial backing for ships traveling through the Persian Gulf and has ordered the US Navy to escort tankers if necessary. Iran has effectively closed the waterway responsible for transporting 1/5 of the world’s oil, the Strait of Hormu. By attacking ships and vowing to set fire to any that try to get through. Another reason oil prices are going up is because Tehran is also attacking energy facilities in Saudi Arabia and Qatar. Look at this chart from our get the Facts data team. Oil prices are now the highest they’ve been compared to any other point in the last year. The Federal Reserve estimates that every $10 per barrel oil goes up, you pay about 25 cents more at the pump.
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Gas prices rise again, crude oil prices ease amid conflict with Iran
Gas prices were up again Wednesday amid the war in Iran.The nationwide average cost of a gallon of gas went up by about 9 cents from the day before, reaching $3.198, according to AAA data. As of 9:30 a.m. Wednesday, the cost of a barrel of Brent crude oil, the global benchmark for oil prices, was $81.38. It remained around the same as the closing cost the day prior.The spike comes after a nearly 6% increase from Monday to Tuesday and 6% from Friday to Monday. At the end of the day Friday, the price of a barrel was $72.48. Major stock market indexes in the United States were also holding steady at open Wednesday. Use the Get the Facts Data Team’s gas price tracker to see how much it will cost you to fill your tank.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=
Gas prices were up again Wednesday amid the war in Iran.
The nationwide average cost of a gallon of gas went up by about 9 cents from the day before, reaching $3.198, according to AAA data. As of 9:30 a.m. Wednesday, the cost of a barrel of Brent crude oil, the global benchmark for oil prices, was $81.38. It remained around the same as the closing cost the day prior.
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The spike comes after a nearly 6% increase from Monday to Tuesday and 6% from Friday to Monday. At the end of the day Friday, the price of a barrel was $72.48.
Major stock market indexes in the United States were also holding steady at open Wednesday.
Use the Get the Facts Data Team‘s gas price tracker to see how much it will cost you to fill your tank.
