Fuel: everything we know so far

Brent crude surged past $126 a barrel early Thursday, while U.S. gasoline prices jumped to $4.30 a gallon. Fuel has emerged this Friday as one of the stories drawing attention in New Zealand.

Key facts

• Brent crude surged past $126 a barrel early Thursday, while U.S. gasoline prices jumped to $4.30 a gallon.
• Oil prices surged to a wartime high Thursday, with Brent crude, the international benchmark, topping $126 a barrel as concerns grew that the Iran war will drag on, tightening global energy supplies.
• Fuel costs are rising after it gas became clear that Iran is not reopening the Strait of Hormuz, one of the most important oil export corridors in the world.
• 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.

What we know

Going deeper, Oil prices surged to a wartime high Thursday, with Brent crude, the international benchmark, topping $126 a barrel as concerns grew that the Iran war will drag on, tightening global energy supplies.

On the substance, Fuel costs are rising after it gas became clear that Iran is not reopening the Strait of Hormuz, one of the most important oil export corridors in the world.

Beyond the headlines, Price of petrol in US jumps by nearly 30 cents in one week amid Strait of Hormuz blockade and Iran diplomatic deadlock.

More precisely, 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.

It is worth noting that Gas prices in California hit $6 per gallon for the first time since 2023, according to AAA.

By the numbers

At this stage, Prices in the Golden State have surged 30% since the Iran war started.

“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.”

On the substance, 28, with the average U.S. cost jumping to $4.30 a gallon, according to AAA.

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, that represents the highest prices at the pump since July 2022.

Going deeper, American drivers are now paying $1.32 more per gallon than they did before the Iran war.

On the substance, Drivers in California are facing the nation's highest gas prices, averaging $6.01 per gallon on Thursday, according to AAA data.

Beyond the headlines, Brent crude to be delivered in June briefly soared past $126 per barrel before pulling back toward $114.

More precisely, before the war began in late February, Brent crude was trading around $70 per barrel.

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.
• That represents the highest prices at the pump since July 2022.
• Before the war began in late February, Brent crude was trading around $70 per barrel.