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US gas prices at record high - 29 percent surge in 18 days

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Gasoline prices in the United States have reached their highest level in two and a half years, driven by the rapid rise in crude oil prices due to the conflict with Iran and disruptions to global energy markets.

According to the American Automobile Association (AAA), the average price per gallon of regular gasoline rose to $3.84, the highest level since September 2023. In seven states, the price exceeds four dollars, while in California, Hawaii and Washington it has already surpassed the five-dollar-per-gallon mark.

Over the past 18 days, fuel prices in the US have surged by 29 percent - a jump that analysts are comparing to the disruptions caused by Hurricane Katrina in 2005.

The main driver of the crisis is the attacks on Iranian oil and gas facilities, which have caused fires and increased supply uncertainty. The blockade of the Strait of Hormuz further complicates the situation, as approximately 20 million barrels of oil pass through it daily - nearly one-fifth of global production.

Iraq has partially resumed oil exports via Turkey, but 250,000 barrels per day represent minimal relief. Markets are also awaiting the Federal Reserve's decision on interest rates, which will indicate how rising oil prices are affecting inflation.