Two-Week Ceasefire in US-Israel-Iran Conflict as Gas Prices Rise

A two-week ceasefire in the conflict between the United States, Israel, and Iran was announced on Tuesday, brokered by Pakistan just before a deadline set by President Donald Trump for Iran to reopen the Strait of Hormuz, a vital chokepoint for global oil shipments. Despite the temporary truce, gasoline prices continued to climb worldwide on Wednesday, driven by the six-week war that has disrupted up to 20 percent of the world's oil supply and damaged key infrastructure.

In the United States, the national average price for a gallon of regular gasoline reached $4.16 on Wednesday, according to AAA data, marking a more than 20-cent increase from a month earlier when it stood at $3.45. This represents the highest level since 2022 and the tenth consecutive day of rises, with prices up 10 cents over the past week alone. The surge began in late February, shortly after U.S. and Israeli forces launched Operation Epic Fury against Iran on February 28, closing the strait and halting oil flows. Prior to the conflict, averages hovered around $2.90 a gallon in early February, following a five-year low of $2.79 in January that was initially attributed to severe winter weather disrupting...