US petrol soars to $4 as Iran tensions and Houthi blockade spike fuel costs

Average US petrol prices reached $4.00 per gallon as tensions between the United States and Iran escalated, impacting oil markets. Brent crude hit $91.42 before falling to $88.04, while WTI peaked at $85.39 then dropped to $82.29. The Houthis declared a naval blockade against Saudi Arabia, adding pressure on tanker traffic through the Strait of Hormuz and Red Sea routes. This disruption led to increased fuel costs for US consumers despite recent declines in consumer inflation.