Oil Prices Surge Amid Iran Conflict Disruption

US gas prices have increased by nearly 35 cents in a week, reaching approximately $3.60 per gallon due to the ongoing conflict in Iran. According to NS3.AI, the conflict, which began on February 28, has led to the effective closure of the Strait of Hormuz, a crucial passage for about 20% of the world's oil supply. As a result, Brent crude prices have risen sharply from around $70 per barrel in late February to over $110 at the height of the escalation. In response, the International Energy Agency has agreed to release 400 million barrels from strategic reserves. Analysts suggest that market volatility may continue until the Strait of Hormuz is reopened.