Trump blames Iran for surge in U.S. gas prices

[Fuel station in the desert]
Gary Yeowell

President Donald Trump blamed Iran for the recent spike in U.S. gasoline prices, saying attacks on oil tankers and regional targets have driven the increase.

Gas prices have climbed more than 30% since the war began, topping $4 per gallon.

“Many Americans have been concerned to see the recent rise in gasoline prices,” Trump said during a prime-time address on Wednesday night. “This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict,” Trump added.

Gasoline futures (XB1:COM [https://seekingalpha.com/symbol/XB1:COM#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) were up +5.9% at press time. Meanwhile, crude oil futures (CL1:COM [https://seekingalpha.com/symbol/CL1:COM#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) advanced +6.2% to $106.3 a barrel. Brent prices (CO1:COM [https://seekingalpha.com/symbol/CO1:COM#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) also jumped over 6.5% to $107.7/barrel.

Oil majors to watch Exxon Mobil (XOM [https://seekingalpha.com/symbol/XOM]), Chevron (CVX [https://seekingalpha.com/symbol/CVX]), ConocoPhillips (COP [https://seekingalpha.com/symbol/COP]), and Occidental Petroleum (OXY [https://seekingalpha.com/symbol/OXY]).

U.S. pure-play fuel retailers and distributors include Murphy USA (MUSA [https://seekingalpha.com/symbol/MUSA]), Sunoco LP (SUN [https://seekingalpha.com/symbol/SUN]), Global Partners LP (GLP [https://seekingalpha.com/symbol/GLP]), and CrossAmerica Partners LP (CAPL [https://seekingalpha.com/symbol/CAPL]). U.S. refiners such as Marathon Petroleum (MPC [https://seekingalpha.com/symbol/MPC]), Valero Energy (VLO [https://seekingalpha.com/symbol/VLO]), Phillips 66 (PSX [https://seekingalpha.com/symbol/PSX]), and HF Sinclair (DINO [https://seekingalpha.com/symbol/DINO]) can also be affected by rising gasoline prices.

Rising U.S. gasoline prices could affect retailers that sell gasoline to drive store traffic, including BJ’s Wholesale Club (BJ [https://seekingalpha.com/symbol/BJ]), Costco Wholesale (COST [https://seekingalpha.com/symbol/COST]), and Walmart (WMT [https://seekingalpha.com/symbol/WMT]).

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