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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
U.S. gas prices have surged to four-year highs amid rising tensions with Iran. Analysts warn that prices could reach $5 per gallon if the Strait of Hormuz remains closed. Following some progress in negotiations, oil prices fell, but U.S. military strikes on Iranian sites reignited fears about regional stability and oil prices. Meanwhile, reports indicate that U.S. commercial inventories have dropped to their lowest levels since 2004, raising concerns about potential price hikes in the future.