Gas jumps 11-cent overnight! US, Europe’s consumers suffer the energy price surging amid Iran crisis

Gas jumps 11-cent overnight! US, Europe’s consumers suffer the energy price surging amid Iran crisis

US and European fuel prices have surged overnight amid escalating conflicts in the Middle East. In the US, the average price of regular gasoline rose by 11 cents in one day to $3.11 per gallon, according to AAA. Analysts, including Patrick De Haan of GasBuddy, link the jump to rising oil prices driven by tensions in the region.

Consumers in both the US and Europe expressed worries over the ripple effects on daily expenses, from groceries to energy bills. Fears of potential disruptions to the Strait of Hormuz — through which about 20% of the world’s traded oil passes — have pushed Brent crude sharply higher.

Analyst Axel Rudolph noted that Brent has jumped by around $25 recently, a steeper rise than in previous spikes. With about 15% of the EU’s oil supply passing through the Strait of Hormuz, further blockages could drive global oil prices even higher, stoking concerns over energy costs and inflation across the US and Europe.

__________________
ShanghaiEye focuses on producing top-quality contents.
Nobody knows SHANGHAI better than us.
Please subscribe to us ☻☻☻
__________________
For more stories, please click

■ What’s up today in Shanghai, the most updated news of the city
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MNjpE4hspSVry8dR555getN

■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them

■ What Chinese people’s lives are like during the post COVID-19 period

■ Views of foreign scholars on China and its affairs

■ Foreign faces in Shanghai, people living in this city sharing their true feelings
https://www.youtube.com/playlist?list=PLeyl7CQ2A5MP0vJDSw23_1MCPJhAfGbiG

■ Mini-docs showing why China is the country it is today

__________________
☎Leave us messages if you have any suggestions or questions!
Thank you!