US gas prices jump as Strait of Hormuz dispute escalates between US and Iran

Published Jul 13, 04:50 PM UTC

Gas prices in the United States have risen for the first time since May, increasing by 10.3 cents to $3.82 per gallon, amid renewed chaos over the Strait of Hormuz. The dispute escalated after a weekend of attacks, with Iran declaring the June ceasefire in a 'crisis phase' and Supreme Leader Ayatollah Mojtaba Khamenei vowing revenge against the US and Israel. President Trump declared on Truth Social that the Strait is open under a new US 'Guardian of the Hormuz Strait' regime, demanding a 20% fee on all cargo shipped through the waterway. Talks in Oman continue, but enforcement of the new US policy remains unclear. GasBuddy warns that further price increases are likely due to the collapse of the ceasefire and additional Ukrainian attacks on Russian refineries.