Gasoline price rise: Iran war worsened the pain, but the bottleneck began years ago | Read here
Gasoline prices have surged due to a widening 'crack spread'—the gap between crude oil costs and refined gasoline prices—now exceeding 2022 levels. This increase is attributed to reduced global refining capacity stemming from the Russia-Ukraine war and exacerbated by the ongoing US-Iran conflict, which has disrupted Middle East refinery operations. As a result, the stock market could face pressure from rising fuel prices, which have already seen a 22% increase since June.