By MICHELLE CHAPMAN, AP Business Writer
NEW YORK (AP) — The average price for a gallon of gasoline jumped 11 cents overnight to about $3.11 in the US, according to motor club AAA.
Gas prices were already rising before the US launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the US Embassy in Saudi Arabia.
Benchmark US crude jumped 8.6% to $77.36 a barrel.
Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
Comments are closed, but trackbacks and pingbacks are open.