Gas prices hit $4 again after oil soars more than 15% in a week

The national average price for regular gasoline hit $4 per gallon again Monday as the renewed conflict with Iran and Ukraine-Russia attacks rattle energy markets.Subscribe to read this story ad-freeGet unlimited access to ad-free articles and exclusive content.It’s the first time that the national average has been at $4 or higher since June 17.On Friday, U.S.crude oil settled at $82.49.

International Brent crude oil closed at $88.10.Gas prices had fallen in recent weeks to as low as $3.79 on July 7 and 8, but have trended higher again over the last two weeks as Washington and Tehran exchange daily attacks in a battle over the crucial Strait of Hormuz.On Friday, oil prices posted their second straight weekly gain.Last week alone, U.S.

crude oil and international Brent crude oil both rose more than 15%.Over the last two weeks, prices have risen more than 20%.Oil prices began rising again after the U.S.

revoked a sanctions waiver on Iranian oil on July 7.One day later, President Donald Trump announced that the ceasefire with Iran was “over.”Days later, oil prices climbed after Trump announced that he was “reinstating the Iranian blockade” in the Strait of Hormuz.

That blockade is “against vessels transiting to or from Iranian ports and coastal areas,” the U.S.military said this week.Trump also said last week that the U.S.

would seek to be “reimbursed, at the rate of 20% on all cargo shipped.” Shipping companies and international maritime organizations quickly rejected the idea as a violation of international law.But the uncertainty continued.Although Trump said he would drop the fee, oil continued rising on near daily U.S.

strikes against Iran as well as Iranian retaliation.It all centers on the struggle for control over the Strait of Hormuz, the waterway through which 20% of the world’s energy supplies typically transit on their way to global markets.“Rather than pursuing full closure, Tehran appears intent on establishing authority over na...