Gas prices reach highest level since October 2023 as oil holds above $100 per barrel; US stocks jump

Brent crude oil held above $100 per barrel on Monday, pushing national average gasoline prices to their highest level since October 2023 as President Trump urged allies to help protect oil tankers from Iranian attacks in the key Strait of Hormuz.As the US pressed hard to reopen the conduit, the Dow Jones Industrial Average rose about 550 points, or 1.2%, as of 10:15 a.m.Eastern Time and the S&P 500 and Nasdaq went up 1.3% and 1.5%, respectively.

The gains came after steep losses last week.Iran’s shutdown of the Strait of Hormuz — a critical Persian Gulf chokepoint that typically sees 20% of the world’s oil supply pass through — has resulted in the largest oil supply disruption in history.Oil benchmarks have soared more than 40% since the Feb.

28 start of the war, with Brent hitting $102.27 and West Texas Intermediate crude at $94.36 on Monday.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.Trump has also demanded allies help protect tankers attempting to traverse the strait, as Iran ...