California gas prices hit $6 per gallon as fuel costs jump nearly 30 cents in a week across the U.S.

Fuel costs are rising as it becomes clear Iran is not reopening the Strait of Hormuz, a critical corridor for global oil exports. The blockage risk is negative for energy and shipping markets, with potential for broader commodity price volatility and higher transportation costs. This is a geopolitically driven supply shock with likely market-wide implications.

Analysis

Fuel costs are rising as it becomes clear Iran is not reopening the Strait of Hormuz, a critical corridor for global oil exports. The blockage risk is negative for energy and shipping markets, with potential for broader commodity price volatility and higher transportation costs. This is a geopolitically driven supply shock with likely market-wide implications.