Overview

• National average gas price stands at $3.13 per gallon, with 25 states below $3 and Mississippi at a low of $2.66.
• West Texas Intermediate crude rallied over 7% to roughly $73 per barrel and Brent climbed 7% after Israel’s attacks on Iran.
• Patrick de Haan of GasBuddy anticipates U.S. fuel costs will rise by 5 to 15 cents per gallon over the next week or two.
• About one-fifth of global oil passes through the Strait of Hormuz, a chokepoint vulnerable to further disruptions if the conflict escalates.
• The International Energy Agency is monitoring the conflict with over 1.2 billion barrels of emergency reserves primed for release.