Gas prices edge higher with Brent crude remaining above $100 per barrel
CBSN
Gasoline prices inched higher on Monday with Brent crude remaining above $100 per barrel, as the Strait of Hormuz, a vital shipping lane for the global energy supply, remains paralyzed amid the Iran war. In:
Gasoline prices inched higher on Monday with Brent crude remaining above $100 per barrel, as the Strait of Hormuz, a vital shipping lane for the global energy supply, remains paralyzed amid the Iran war.
The average price for a gallon of gas rose to $3.72 on Monday, up from $3.70 on Sunday and representing an increase of almost 79 cents per gallon from a month earlier, according to data from AAA.
Brent crude, the international benchmark, slipped about 2.4% on Monday to $101.93 per barrel, FactSet data shows. Meanwhile, a barrel of benchmark U.S. crude, West Texas Intermediate, fell 4.1% to $94.62, easing some pressure off the economy after topping $102 earlier in the morning.
Oil prices have been mostly rising sharply from roughly $70 per barrel since the United States and Israel began their attacks on Iran. In response, Iran has hit energy infrastructure in the Persian Gulf area with drones and missiles.
With traffic through the Strait of Hormuz effectively closed, oil producers are cutting production because their crude has nowhere to go.
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