AUSTIN, Texas — Oil prices surged Wednesday after President Donald Trump declared the ceasefire with Iran is over and said further negotiations are “a waste of time,” raising new concerns that drivers could eventually see higher prices at the pump.
Trump made the comments at the NATO summit in Turkey after the U.S. and Iran traded new strikes following attacks on commercial vessels in the Strait of Hormuz.
NATO Secretary General Mark Rutte backed the U.S. response, calling the strikes “absolutely necessary.”
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The developments quickly rippled through global energy markets, with oil prices jumping more than 5%. Analysts say any threat to shipping through the Strait of Hormuz — one of the world’s busiest oil transit routes — could keep energy prices volatile and eventually affect gasoline prices if the conflict continues.
As of Wednesday morning, AAA reports the national average for a gallon of regular gasoline is $3.79. In Texas, the statewide average is $3.35.
In Central Texas, drivers are paying about $3.39 a gallon in Travis County and $3.34 in Williamson County.
While changes in crude oil prices don’t immediately translate to higher gas prices, sustained increases in oil costs can eventually be passed on to consumers if global supply concerns persist.
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