US gasoline prices up 30% as Trump cites Iran conflict impact

U.S. gasoline prices have surged nearly 30% over the past year, with the national average standing at approximately $4.10 per gallon in early August. Former President Donald Trump has stated that these higher prices are justified amid the ongoing conflict with Iran, suggesting that geopolitical tensions are influencing the energy market. The price increase aligns with significant volatility in the crude oil market, particularly affecting Brent and WTI benchmarks, as supply concerns persist due to the Middle East conflict and its impact on critical supply routes like the Strait of Hormuz. Markets are closely observing these developments, as they could indicate potential shifts in crude oil pricing scenarios. The pricing for the potential of crude oil reaching a new all-time high by the end of December is currently at 12.5% on prediction markets, up from 10% a week ago. This increase suggests that market participants see a growing likelihood of continued price pressures within the oil market, influenced by geopolitical factors and supply constraints. The broader implications of these developments are significant for both the energy sector and consumers. The ongoing geopolitical tensi...