Following a report from Iran's state-run media Tasnim that the nation is ceasing nuclear ceasefire talks and threatening to fully shut down the Strait of Hormuz, oil prices jumped over seven percent. This strait is crucial, facilitating around 20 percent of the world’s oil trade. Drivers in gas-reliant states such as Texas, California, Florida, Georgia, Arizona, and several others are likely to experience rising fuel costs at the service station. The US Energy Information Administration had earlier estimated that gas prices might increase by 30 to 50 cents per gallon nationwide within two weeks if the Hormuz closure occurs.
