Diesel Fuel: everything we know so far

Price of petrol in US jumps by nearly 30 cents in one week amid Strait of Hormuz blockade and Iran diplomatic deadlock. Diesel Fuel has emerged this Friday as one of the stories drawing attention in Australia.

Key facts

• Price of petrol in US jumps by nearly 30 cents in one week amid Strait of Hormuz blockade and Iran diplomatic deadlock.
• The average price of one gallon (3.8 litres) of gasoline in the United States has reached $4.30, according to the American Automobile Association (AAA), up from less than $3 before the February 28 start of the US-Israel war on Iran.
• “The national average is $1.12 higher than it was this time last year, as oil prices surge above $100/barrel with no indication of when the Strait of Hormuz will reopen,” AAA said in a brief report on Thursday.
• “Gas prices are the highest they’ve been in four years, since late July 2022.”
• The spike in energy prices has been fuelling inflation and economic uncertainty, adding to Trump’s political woes.

What we know

Going deeper, the average price of one gallon (3.8 litres) of gasoline in the United States has reached $4.30, according to the American Automobile Association (AAA), up from less than $3 before the February 28 start of the US-Israel war on Iran.

On the substance, the spike in energy prices has been fuelling inflation and economic uncertainty, adding to Trump’s political woes.

Beyond the headlines, list 1 of 3Trump slams Germany’s Merz again as rift over Iran war widens.

More precisely, list 2 of 3Iran will play World Cup games in US according to FIFA chief Infantino.

It is worth noting that list 3 of 3Trump says Tennessee next to redistrict after US Voting Rights Act ruling.

By the numbers

“The national average is $1.12 higher than it was this time last year, as oil prices surge above $100/barrel with no indication of when the Strait of Hormuz will reopen,” AAA said in a brief report on Thursday.

“Gas prices are the highest they’ve been in four years, since late July 2022.”

Going deeper, According to AAA, prices for gas or petrol went up by 27 cents over the past week amid the deepening impasse, with Iran blocking the strait and the US imposing a naval siege on Iranian ports.

On the substance, California, home to nearly 40 million people, saw petrol prices hit more than $6 per gallon on Thursday.

What they're saying

“Iran is dying to make a deal,” he said, calling the naval blockade against the country “incredible”.

“Continuation of this oppressive approach is intolerable.”

The wider context

On a related note, despite the ceasefire reached on April 8, the cost of gas in the US has continued to climb.

Going deeper, Thursday’s prices come as US President Donald Trump insists that time is on his side in the standoff with Iran, even as he refuses Tehran’s offers of a preliminary deal to reopen the Strait of Hormuz.

On the substance, the US president’s approval rating is hitting record lows amid growing discontent with the conflict with Iran, recent public opinion polls show.

Beyond the headlines, since the start of the war, Trump and his allies have been trying to frame the hike in petrol prices as a temporary price worth paying to achieve the aims of the military campaign.

More precisely, the US president reiterated that argument on Thursday when asked about the latest price increase.

The bottom line

• The average price of one gallon (3.8 litres) of gasoline in the United States has reached $4.30, according to the American Automobile Association (AAA), up from less than $3 before the February 28 start of the US-Israel war on Iran.
• The spike in energy prices has been fuelling inflation and economic uncertainty, adding to Trump’s political woes.
• Despite the ceasefire reached on April 8, the cost of gas in the US has continued to climb.
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