On Friday, oil prices remained around $73 per barrel as the escalating situation in the Strait of Hormuz posed risks to approximately 20% of global oil supply. Analysts caution that American drivers might experience gas price increases ranging from 30 to 50 cents per gallon within the next fortnight. The Strait, which previously saw around 20 million barrels of oil transit daily before the US-Iran conflict, is now functioning at only about 50% of its pre-war capacity, closely monitored by Iranian authorities. The reintroduction of US sanctions on Iranian oil exports last month, coupled with ongoing military tensions, is influencing energy futures markets. The American Automobile Association (AAA) indicates that the current national average gas price of $3.49 per gallon could approach $4 if disruptions in Hormuz intensify.
