U.S. forces intercepted Iranian missiles and drones aimed at the Strait of Hormuz, Kuwait and Bahrain as talks with Tehran stalled. Fighting in Lebanon between Israel and Hezbollah is further complicating efforts to end the wider conflict.
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President Donald Trump backs temporarily suspending the federal gas tax to ease high fuel prices, but experts say the relief for drivers would be modest. Congressional approval is needed, and the move could cost billions in government revenue.
Oil prices fell sharply after Iran declared the Strait of Hormuz open amid a Middle East ceasefire, easing fears of supply disruptions. The announcement boosted global stock markets and lowered U.S. gasoline prices, though uncertainties remain about shipping security and ongoing U.S.-Iran tensions.
A ceasefire between the U.S. and Iran has eased tensions but gas prices remain high amid uncertainty over the Strait of Hormuz. Experts say any relief at the pump could take weeks and may reverse if the truce falters.
U.S. gasoline prices have surged past $4 per gallon due to disruptions in global oil supplies caused by the Iran conflict and the effective closure of the Strait of Hormuz. President Trump plans a prime-time address to update on the situation, promising a resolution soon and a return to lower fuel prices, though experts warn prices may rise further in the short term. Meanwhile, Trump's threats to target Iranian civilian infrastructure have drawn condemnation from legal experts who warn such actions could constitute war crimes, amid ongoing regional casualties and accusations against all involved parties.
U.S. gasoline prices surged sharply amid escalating tensions involving Iran, with the national average reaching $3.48 per gallon and crude oil briefly surpassing $100 per barrel due to disruptions in the Strait of Hormuz. Analysts warn that fuel costs may remain high through the summer because of ongoing supply uncertainties and increased demand, despite some recent price volatility. International markets reacted with significant fluctuations, and major industrialized nations are considering coordinated measures to stabilize energy supplies amid concerns over further production cuts and transit challenges.