Rising Oil Prices Threaten Republican Midterm Prospects in US
Brent crude, the international oil benchmark, stood at $72.48 per barrel before the conflict erupted but surged beyond $126 after hostilities began.
By the end of the week ending Oct. 30, Brent had settled at $113.43 per barrel, representing a rise of approximately 56.5% compared with its pre-war level.
The increase in crude prices has also driven up gasoline costs across the United States. Average retail gasoline prices rose from around $2.98 per gallon before the conflict to $4.17 on Nov. 1, an increase of nearly 40%, according to the American Automobile Association (AAA).
A study by the Centre for Research on Energy and Clean Air (CREA) estimated that oil market disruptions caused by restrictions in the Strait of Hormuz have added $468 billion to fuel expenses for consumers worldwide. The United States accounts for approximately $160 billion of that amount, or nearly one-third of the global total.
Public concern over energy costs has also increased. A survey released by the Pew Research Center on Oct. 30 found that 74% of Americans were highly concerned about gasoline and energy prices, compared with 60% in July and 43% in January.
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