3
An oil tanker burns after being hit by an Iranian strike near Iraq last week. AP
National average gasoline prices notched $3.72 on Monday, their highest level since October 2023, according to AAA, while diesel jumped to $4.99 – threatening to hammer the trucking industry and send prices higher on food, apparel and other retail goods.
Prices could soon surge even higher since gasoline demand tends to spike around spring break, as temperatures warm up and more drivers hit the road, according to AAA.
Trump, meanwhile, has hinted at additional strikes on a vital Iranian oil hub that could further disrupt global supply and prices, after saying US attacks on Kharg Island over the weekend targeted military infrastructure, not energy equipment.
The strikes on Kharg Island “totally demolished” most of the island, but “we may hit it a few more times just for fun” if Iran continues to attack tankers in the strait, Trump told NBC News on Saturday.
The site contains Iran’s main oil export hub, so a direct strike there could further worsen supply disruptions and significantly ramp up geopolitical tensions.
