Recent events in the Strait of Hormuz and increased demand from China are significantly impacting gasoline prices. On Tuesday morning, oil prices neared $100 per barrel. This level had not been reached since July.
The rising prices follow recent actions by the United States, which targeted three Iranian tankers in the Strait of Hormuz. In response, Iran declared that it will restrict vessel passage through the Strait without its authorization. This geopolitical tension has contributed to the surge in oil prices.
Additionally, China’s growing demand for oil has added pressure on global prices. As a major consumer of energy, any shifts in China’s economic activities can influence the global oil market. The combined effect of strategic conflicts and increased consumption has led to noticeable price changes at gas stations, such as those seen in Las Vegas.