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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 were up again Wednesday amid the war in Iran.The nationwide average cost of a gallon of gas was up to $3.578 Wednesday according to AAA. That’s up 64 cents from one month ago. As of 9 a.m. Wednesday, the cost of a barrel of Brent crude oil, the global benchmark for oil prices, was $88.42. The Brent crude oil cost spiked above $100 Sunday. On Monday, it reached a high of $119.40. 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 was up to $3.578 Wednesday according to AAA. That’s up 64 cents from one month ago. As of 9 a.m. Wednesday, the cost of a barrel of Brent crude oil, the global benchmark for oil prices, was $88.42.
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The Brent crude oil cost spiked above $100 Sunday. On Monday, it reached a high of $119.40.
Use the Get the Facts Data Team‘s gas price tracker to see how much it will cost you to fill your tank.
