Gas prices rise as oil tops $100 amid Iran uncertainty
Crude oil climbed above $100 per barrel as Iran-related uncertainty and continued disruptions in the Strait of Hormuz kept vessel traffic limited, Wood Mackenzie says. Gasoline edged higher nationwide with local pump prices reaching about $4.29 per gallon in Michigan, and Canadian trucking companies say some operators have parked trucks because they cannot afford fuel. Analysts say sustained crude above $100 will raise input costs for trucking, shipping, fertilizer and petrochemical production, pushing consumer prices for food, goods and plastics higher. Consumers can blunt immediate pain with rewards credit cards, cash-back apps and other fuel-saving strategies, but broader inflationary pressure will likely persist until shipping through the Hormuz corridor stabilizes.
