US gas prices risk topping $5 per gallon if Strait of Hormuz stays closed: JPMorgan [View all]

Source: Yahoo Finance

Gasoline prices could hit $5 per gallon nationwide if traffic through the Strait of Hormuz, a focal point of the Iran war, remains effectively at a standstill for much longer.

"To date, US retail gasoline prices have already increased to close to $4/gallon, but our commodity team sees a risk of that exceeding $5/gallon if the strait remains effectively closed by mid-April," JPMorgan's Joyce Chang and Natasha Kaneva wrote in a client note.

Gasoline at $5 would represent its highest level since June 2022, when prices reached a record of nearly $5.02 per gallon

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