Retail gasoline prices surge to highest levels since July 2022 amid geopolitical tensions and tightening fuel inventories.
U.S. retail gasoline prices have climbed above $4.50 per gallon for the first time since July 2022, driven by escalating crude oil costs and shrinking fuel inventories. The increase follows heightened tensions in the Middle East, which have disrupted supply chains and pushed crude prices higher.
The current price remains $0.50 below the all-time high of $5.016 per gallon set on June 14, 2022, when Russia’s invasion of Ukraine sent crude oil above $100 per barrel. Analysts note that persistent geopolitical risks could further strain supply and sustain upward pressure on prices.
Markets are closely monitoring the situation, with energy futures reacting to the latest inventory data and geopolitical developments.