Gasoline prices hit highest level since 2022 as oil tops $100

Group 1: Gasoline and Diesel Prices - Gasoline prices have risen to an average of $3.91 per gallon, the highest since October 2022, with a $0.98 increase over the past month, and are expected to reach $4 per gallon soon [1] - Diesel prices have surged approximately 38% from a month ago, exceeding $5 per gallon, marking a four-year high [3] Group 2: Oil Market Dynamics - Oil prices have increased over 40% since the onset of the Iran conflict, with West Texas Intermediate crude surpassing $95 per barrel and Brent crude topping $103 [2][5] - RBC Capital Markets projects that if the conflict continues for another three to four weeks, oil prices could exceed $128 per barrel, and if prolonged for several months, could surpass the 2008 peak of $146 per barrel [6] Group 3: Supply Chain and Economic Impact - The temporary waiver of the Jones Act by President Trump is expected to have minimal impact on fuel prices but may alleviate supply chain issues by providing more options for fuel delivery [2][3] - Fed Chair Jerome Powell indicated that rising energy prices could contribute to inflation, as oil and its derivatives are integral to the production and transportation of many goods [4]