Arabic version: ارتفاع أسعار النفط والبنزين الأميركي مع تصاعد التوترات

According to Al Jazeera, petrol and oil prices are rising as tensions between the United States and Iran escalate and Yemen’s Houthis announce a naval blockade against Saudi Arabia. US motorists have seen the average price of a gallon of petrol exceed $4.00, compared with $3.87 a week earlier, American Automobile Association data shows.

Benchmark crude prices have climbed in recent days. Brent crude reached $91.42 on Sunday before falling 0.1 percent to $88.04 on Monday. US West Texas Intermediate hit its highest level since June 12 at $85.39, then retreated 2 cents, or 0.2 percent, to $82.29.

Markets have focused on tanker traffic through the Strait of Hormuz after the breakdown of the US-Iran ceasefire. Before the war, the waterway carried roughly 20 percent of the world’s oil supply. Between July 17 and 19, only 30 vessels passed through the strait, according to Kpler data. LSEG data recorded eight ships on Saturday and four on Sunday.

Shipping companies are also being affected. Greece’s Dynacom Tankers said two projectiles struck two of its ships near the Omani coast, without identifying who fired them. Concerns have also grown over pressure from Iran on Houthi allies to close the Red Sea shipping route if US attacks on Iranian energy infrastructure continue.

The increase in pump prices follows inflation data released last week that showed consumer inflation declined 0.4 percent on a monthly basis, helped by a 9.5 percent drop in petrol prices. The data reflected a short-lived easing of US-Iran tensions before fighting intensified again. David Meger of High Ridge Futures said higher energy prices could raise concerns that cooler inflation data may not prevent the Federal Reserve from raising interest rates later this year.