This price surge reflects the political risk faced by US President Donald Trump ahead of the crucial midterm elections in November, with affordability becoming a key voter concern.
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Gas prices crossed this threshold in March, when US and Israeli attacks on Iran provoked a response from Tehran, effectively closing the Strait of Hormuz, through which about a fifth of the world’s oil and gas is transported during peacetime. Due to this conflict, global oil prices surged, and gasoline prices in the US rose as well.
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