Oil futures and gasoline prices have skyrocketed as traders worry that the war in Iran would lead to prolonged restrictions on the flow of oil around the globe — particularly as the war has spread to other countries in the Middle East, including attacks on nearby refineries in the oil-rich region. Triggered by the shock of the initial February 28 strikes in Iran, the average price of gasoline in America reached $3.45 a gallon Sunday, up 16% from the week prior, according to AAA. The administration announced a plan to supply insurance to oil tankers passing through the strait, after maritime insurers said they would not cover ships in the region if they were attacked.
Author: Auzinea Bacon
Published at: 2026-03-08 22:26:23
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