The price of gasoline in the United States rose again Tuesday, to an average of $3.54 a gallon, according to data from the AAA motor club, raising the cost of a fuel many Americans purchase frequently.
That’s an increase of 19% since the United States and Israel attacked Iran on Feb. 28, inciting a conflict that has engulfed oil production, storage and shipping from the Persian Gulf to the rest of the world.
In financial markets, concern that oil shipments from the region won’t resume soon has lifted the price of crude oil — the largest factor in the cost of gasoline — about 24% in the same period.
The gains show just how vital the Gulf region is to global energy supplies — and how interconnected global energy markets are, even if the United States produces plenty of oil.
Here’s what you need to know.