Oil and gas prices have rocketed higher as the U.S. and Iran continue to trade blows with no ceasefire in sight. Since the start of the war on February 28, the average price of a gallon of gas in the U.S. has risen 38%, or $1.14, to $4.12 as customers face pressure at the pump.
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New trading tool for QQQ bullsThe current price is the highest since August 2022, while the growth over the past five weeks is the fastest spike over the past 30 years.
Hormuz Ship Traffic Sees Uptick
Meanwhile, the Strait of Hormuz remains mostly closed, although traffic has increased in recent days. The passage handles roughly 20% of global oil flows.
Over the weekend, 21 ships crossed through Hormuz, marking the highest two-day volume since early March. While still well below the average daily volume of 135 ships, the increase signals that Iran is beginning to ease up on restrictions on countries that it views as friendly, including Iraq, China, and India.