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As the Persian Gulf conflict boosts the oil revenue that finances Moscow’s war against Ukraine, Kyiv’s forces are striking at Russia’s ability to refine and ship its crude.
Across the South and Southwest, where price hikes have been the most severe, drivers have lamented how the increased costs have cut into their budgets.
Tit-for-tat attacks on oil and gas sites across the Middle East in recent days have pushed up oil prices.
Attacks on oil and natural gas facilities this week could make it much harder for Persian Gulf countries to rebuild and restart production when the war eventually end.
The Iran war has rattled the global flow of oil, with steeper fuel costs already straining households worldwide
The U.S.-Israeli attacks on Iran have intensified and the conflict has widened, shaking global energy markets.
This is not the first time American First Refinery set out to build the “first refinery in 50 years.” The company is a rebranding of Elemental Fuel Holdings, which attempted to build a refinery in 2024 that would be powered by hydrogen.
Soaring oil prices suggest that more increases could be in store for American drivers. Diesel, jet fuel, and other refined products are also becoming much more expensive.
The price of a gallon of gasoline jumped again on Friday, hitting its highest level in a year and a half. Surging oil prices, now above $90 a barrel, suggest that the increases will continue.