Despite Trump's promises to ensure low fuel prices as part of his energy strategy, the recent spike in prices poses serious political risks for both him and the Republican Party ahead of the upcoming midterm elections.
In response to the situation, the U.S. administration is taking measures to curb price increases. In particular, the country's Treasury Department has relaxed restrictions on India's purchase of Russian oil, which should help increase supply in the international market.
Agencies link the rise in gasoline prices to supply disruptions caused by the military conflict in Iran. As a result of the situation in the Strait of Hormuz, which is a key route for global oil supplies, Asian refiners have lost significant volumes of crude. Currently, around 20,000 sailors are blocked in the area due to traffic disruptions, forcing refiners to cut fuel production.
It is important to note that approximately 20% of the world's oil and up to 30% of liquefied natural gas from Gulf countries, including Iraq and Saudi Arabia, pass through the Strait of Hormuz, highlighting the critical importance of this route for the global energy market.
Experts warn that such a blockade could lead to a sharp increase in energy prices.
At the same time, China has instructed its largest refineries to suspend the export of diesel and gasoline.
