March 17, 2026
RED FM News Desk
Rising fuel costs in recent weeks may not become permanent, according to Patrick De Haan, head of petroleum analysis at GasBuddy. He says global oil prices remain highly sensitive to developments in the Middle East, particularly ongoing tensions involving Iran.
De Haan noted that any easing of conflict could quickly reduce soaring crude oil prices. However, relief at the pump may be limited as the high-demand summer driving season approaches, typically pushing prices upward.
Much depends on the situation in the Strait of Hormuz, a critical waterway through which about one-fifth of the world’s oil supply passes. Shipments dropped sharply after the U.S. and Israel launched military actions against Iran on Feb. 28, though limited traffic has recently resumed.
Donald Trump said he has urged several countries to deploy warships to secure the route, while Iran insists restrictions apply only to its adversaries.
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