US fuel prices surge toward 2022 records as Iran war disrupts supplies

US gasoline and diesel prices have surged to multi-year highs since the US-Israeli war on Iran began, driving up inflation and prompting the Federal Reserve to raise rates.

• Average US regular gasoline hit $4.46 per gallon Friday, up 49% from pre-war levels, while diesel set a record $6.44, per AAA data.
• The Strait of Hormuz remains closed, and a Houthi attack damaged three Saudi East-West pipeline stations, halting Yanbu port loadings.
• The Federal Reserve, under Kevin Warsh, has raised US interest rates by a quarter point to 3.75–4% this week to counter fuel-driven inflation.
• AAA data showed overnight gasoline spikes of 25, 23 and 22 cents in the electoral states of Iowa, Wisconsin and Michigan.
• JP Morgan told investors it cannot forecast how the war will affect oil prices, saying in a rare note, 'we simply don't know how to model the endgame'.