Gasoline prices climbed 1.3% to around $2.41 per gallon, hitting their highest level since July 2024, as evolving tensions in the Middle East continued to stoke fears of supply disruptions. Iran on Monday declared the closure of the Strait of Hormuz, a vital chokepoint through which roughly 20% of the world’s daily oil supply is shipped, and warned that it would set ablaze any ship attempting to transit the strategic waterway amid escalating regional tensions. Meanwhile, executives at state-owned energy firms say officials have assured major importers that Beijing is working to keep traffic moving through Hormuz, underscoring China’s determination to protect energy supplies amid rising regional tensions. In a bid to calm markets, eight OPEC+ nations announced plans to boost output by more than 200,000 barrels per day starting in April, ending a pause in production increases in the first quarter.
