Oil tops $100 a barrel and gas prices keep climbing

Oil tops $100 a barrel and gas prices keep climbing

The surge began with the initial strikes on Iran on Feb. 28 and has accelerated each day since as tankers refuse to transit the Strait of Hormuz, through which 20% of the world’s oil supply passes daily. The average price of gasoline in the United States reached $3.45 a gallon on Sunday, up 16% from the prior week, according to AAA. In the days following, prices at the pump climbed an additional 32 cents per gallon, bringing the total weekly increase to levels not seen since the early months of the Ukraine war.


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