U.S. gas prices jump 10.3 cents to $3.82/gallon in first weekly rise since May as Strait of Hormuz chaos escalates

Published Jul 13, 04:50 PM UTC

U.S. gas prices surged 10.3 cents per gallon to $3.82, marking the first weekly increase since May, as uncertainty over the Strait of Hormuz reignites. The mid-June U.S.-Iran memorandum of understanding is in 'crisis phase' according to Iran, following weekend clashes. President Trump declared the Strait open under a new U.S. 'Guardian of the Hormuz Strait' regime, demanding 20% reimbursement on all cargo shipped. Iran's Supreme Leader vowed revenge against the U.S. and Israel. GasBuddy warns of further increases due to oil price surges and Ukrainian attacks on Russian refineries. The war, which began in February with Iran blocking the Strait, had previously caused price spikes that made the conflict unpopular. Talks continue in Oman.