NBC News reports, though by now we should have it ready to copy/paste:
The price of oil jumped more than 9% after President Donald Trump declared on social media Monday that the U.S. would resume its blockade on Iran and be “reimbursed” for helping ships transit the Strait of Hormuz.
U.S. crude oil closed higher by 9.4% at $78.14 per barrel, while international Brent crude oil jumped 9.6% to $83.30 per barrel. Both benchmarks are now at their highest prices since June 15 and today marks Brent’s largest single-day jump since May 2020…
So much for those easing gas prices, Colorado consumers:
Patrick De Haan, analyst at GasBuddy, said he expects “the national average price of gasoline to reach $4 per gallon in the next 7-10 days, if not sooner,” with retailers starting to pass along increases “in the next 24-48 hours.” [Pols emphasis]
AP via the Longmont Times-Call:
The price for a barrel of Brent crude oil, the international standard, climbed 9.6% to $83.30 after the United States and Iran each said the Strait of Hormuz is under its control. Fighting in the region has kept oil tankers from using the strait to deliver crude to customers from the Persian Gulf, which drives up fuel prices worldwide.
The gains for oil prices accelerated immediately after President Donald Trump said he’s reinstating a blockade to prevent tankers carrying Iranian oil from using the strait. He also called for 20% payments on all cargo shipped through it to reimburse the United States for providing protection in the area.
These renewed and sustained hostilities are more bad news for America’s Most Vulnerable Incumbent™ Rep. Gabe Evans, who just last Thursday was bragging on the right-wing Real America’s Voice channel that the closing on six-month-old war on Iran isn’t been moving the needle on the energy markets like it once was:
EVANS: I was checking the oil markets earlier today. They really haven’t reacted to this latest round of hostilities. And I think that’s the big thing that Americans are concerned about, what’s going to happen to their energy prices. And so as long as the oil markets really aren’t reacting, they’ve grown numb to the fact that Iran is, [Pols emphasis] of course, going to bluster and shoot off some missiles.
It’s cold comfort to Americans who have been struggling with high energy prices for months that the price of gas has slowly declined in recent weeks, though still not to pre-war levels. Voters haven’t forgotten why this happened, and they’re not expected to forget ahead of the rapidly approaching midterms. Lower prices today won’t give back the money consumers have already bled out.
And that’s before Gabe Evans is forced to eat these words by the end of the week.
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