Average US petrol prices have surpassed $4.00 per gallon, marking the second consecutive week of increased costs for consumers. This rise is directly linked to escalating tensions between the United States and Iran, coupled with threats from Yemen's Houthi militants to blockade Saudi Arabia's maritime traffic in the Red Sea.

Benchmark oil prices have seen an upward trend, with Brent crude reaching $91.42 and US West Texas Intermediate (WTI) hitting its highest level since June 12 at $85.39. Concerns over tanker traffic through the strategically vital Strait of Hormuz, which previously handled about 20% of global oil supply, have intensified. These worries are amplified by potential pressure from Iran on its Houthi allies to disrupt Red Sea shipping if US attacks on Iranian energy infrastructure continue.

The American Automobile Association (AAA) reported the average petrol price increase from $3.87 to over $4.00. This surge occurred despite recent consumer inflation data showing a monthly decline, partly due to a prior drop in petrol prices. The brief lull in US-Iran tensions, which preceded this inflation report, has now been overshadowed by renewed fighting, impacting shipping routes like the Strait of Hormuz and the Red Sea.