Officials in the administration of US President Donald Trump expressed optimism that the war with Iran could end within weeks or even sooner, while economists warned that disruptions in oil supplies could trigger a recession.
The average price of gas in the US today reached $3.70 per gallon, according to AAA, representing a 24 percent increase since the start of the war with Iran on February 28. Prices have risen as the US looks for ways to secure the Strait of Hormuz, one of the world’s most important sea routes for transporting oil.
US Transportation Secretary Sean Duffy said the US is preparing a government-backed ship insurance plan to allow them to pass through the Strait of Hormuz, as the Donald Trump administration announces the escort of tankers through this key energy route.
The member states of the International Energy Agency (IEA) have announced that they are ready to make 400 million barrels of oil available so far in order to alleviate disruptions in energy trade caused by the war.
(Vijesti.ba)
