California Gas Prices Hit $6.114 Amid Middle East Supply Crunch

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Published: 3 hours ago

California retail fuel prices reached $6.114 per gallon, the highest since 2023, due to global oil supply disruptions. The state sources one-third of crude from the Middle East, with no new tankers arriving since April amid Strait of Hormuz traffic paralysis. Higher energy costs could pressure the US dollar through increased inflation concerns and potential Fed policy implications. Oil supply disruptions typically strengthen USD initially but sustained price increases may weaken it medium-term.

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