Oil Surge Sends Gas Prices Higher

Oil prices surged above $110 a barrel, triggering a sharp rise in U.S. fuel costs. The national average for gasoline has climbed to about $4.08 per gallon, up more than $1 in the past month. Analysts warn prices could soon reach between $4.25 and $4.45, with some forecasts pointing to $5 per gallon if supply disruptions worsen. Diesel has also jumped to around $5.40 per gallon, increasing pressure on transportation and shipping costs. Markets are reacting to ongoing risks tied to the Strait of Hormuz, with economists warning the surge is adding to inflation concerns.