Oil prices in recent days have hit their highest point in months amid the escalations between the U.S. and Iran.
The price of U.S. benchmark WTI crude oil was around $74 per barrel on Monday morning following the weekend U.S. attack on Iran’s nuclear facilities. Late last week, prices rose as high as $77 per barrel as tensions rose between the two countries and amid the conflict between Iran and Israel.
U.S. gasoline prices have risen in recent days, with the national average at $3.22 cents per gallon, according to the American Automobile Association. That’s up from $3.14 a week ago and $3.20 a month ago.
At the start of the year, WTI prices were as high as $80 per barrel but had fallen closer to the $60 per barrel range in recent months.
While the price of oil is lower than it has been in recent weeks, it is still well below 2022’s surge that followed Russia’s invasion of Ukraine and came along with the recovery from the COVID-19 pandemic.
At that time, oil prices were reaching $120 per barrel.
Iran is a significant producer of oil. Due to sanctions, it only sells to certain countries, but it still contributes to the overall global supply.
The country was also considering a closure of the Strait of Hormuz, through which much of the global oil supply is shipped, state media reported on Sunday.
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