US petrol prices hit four-year high as Strait of Hormuz remains shut

US petrol prices have risen to their highest level in nearly four years amid ongoing disruption to shipping through the Strait of Hormuz, a key route for global oil trade, with no immediate signs of normal operations resuming.

According to AAA, a US motoring and consumer group, motorists paid an average of $4.39 per gallon on Friday, representing an increase of more than 30 cents within just over a week.

A day earlier, when the national average stood at $4.30 per gallon, the organisation had already indicated that prices were at their highest level since late July 2022.

At the start of the conflict in late February, when the United States and Israel began launching attacks on Iran, petrol prices averaged $2.98 per gallon. Since then, prices have surged by approximately 47 percent.

Shipping activity through the Strait of Hormuz remains severely disrupted, with traffic nearly at a standstill.

A report by the UK Maritime Trade Operations indicates that fewer than 10 vessels are currently transiting the strait each day.

Before Iran effectively blocked the route in response to the conflict, about 130 ships passed through the strait daily, the report added.