US Gasoline Prices Soar Past $3/Gallon Amid Iran Strikes, Oil Market Turmoil

• US retail gasoline prices are expected to exceed $3 per gallon for the first time in over three months due to escalating US-Iran hostilities.
• The price surge follows US and Israeli airstrikes on Iran, killing Supreme Leader Ali Khamenei, and Iran's retaliatory shutdown of the Strait of Hormuz.
• The Strait of Hormuz, a critical global energy artery, transports approximately one-fifth of the world's oil, with concerns rising after tanker damage reports.
• Analysts warn Brent crude could hit $100 if the conflict deepens, while the White House may consider releasing oil from the Strategic Petroleum Reserve.
• Seasonal pressures from summer-grade fuel blends and peak driving demand are also contributing to the upward trend in gasoline prices.