Gasoline prices in the United States jump sharply

New York City (ANTARA) – The American Automobile Association (AAA) said that the national average price in the United States for one gallon of regular gasoline jumped nearly 27 cents since last week to $3.25 per gallon on Thursday (5 March). “The last time the national average recorded a similar weekly spike was in March 2022, at the outset of the Russia-Ukraine conflict,” the statement read. According to AAA, the latest rise leaves the national average at a price level similar to early April 2025. Spring is typically characterised by rising gasoline prices as demand increases and the production of summer-blend gasoline begins. The US West Texas Intermediate (WTI) crude futures contract for April delivery surged 8.51 percent and closed above $81 a barrel on Thursday, the highest level since July 2024. Oil prices rose markedly after military strikes by the United States and Israel against Iran prompted Tehran to effectively close the Strait of Hormuz, the corridor that usually facilitates around 25 percent of global seaborne oil trade. A prolonged closure of the Strait of Hormuz could push crude prices to about $100 a barrel, and persistently high oil prices would spur higher inflation as measured by the CPI and credit pressures from the slowdown triggered by higher oil prices, according to notes from US asset management and investment banking firm Stifel on Tuesday (3 March).