Petrol prices in the US received a brief reprieve last week, plummeting by nine cents, but experts are cautioning that the relief may be short-lived. The recent decrease was likely a result of a temporary easing of supply chain disruptions, but the ongoing closure of the Strait of Hormuz has raised concerns that prices could surge again if the situation persists. The Strait, a critical waterway through which a significant portion of the world's oil is transported, has been a focal point of tensions between the US and Iran, and its continued closure could have far-reaching consequences for global energy markets. As the situation remains uncertain, analysts are warning that US petrol prices could once again spike in the coming weeks.
US petrol prices dropped nine cents last week but could again surge if the strait closure continues, analysts warn.
