The strategic waterway, which typically handles one-fifth of global oil supplies, remains closed due to the regional hostilities. However, energy experts describe this claim as a “smoke screen” that ignores the realities of an interconnected global market. Brent Crude has surged past the $100-per-barrel mark, impacting American consumers regardless of domestic output. Domestic gas prices: The average price per gallon in the US has surpassed $4 for the first time since 2022. Neale Mahoney, Director of the Stanford Institute for Economic Policy Research, warned that being a net exporter does not shield American households from price shocks.

Source: Egypt Independent April 04, 2026 12:19 UTC