Iran & American Petroleum Institute

Iran: Iran's effective closure of the Strait of Hormuz has caused a global energy crisis, driving up oil and gas prices and disrupting supply chains. The nation is also engaged in ongoing conflict with Israel and the United States, leading to economic sanctions and military actions.

American Petroleum Institute: The American Petroleum Institute's chief economist noted that India's constrained LPG supply is adding pressure to an already tight United States — California gasoline market due to reduced alkylate exports.

Iran: The war with Iran and its actions in blocking the Strait of Hormuz significantly contributed to the initial spike in crude oil and gasoline prices, although a recent interim agreement has led to some price relief.

American Petroleum Institute: The American Petroleum Institute, through its spokesperson Bethany Williams, has stated that gasoline prices do not move in lockstep with crude oil, especially during global disruptions, and that the industry shares the goal of delivering relief at the pump.

American Petroleum Institute: The American Petroleum Institute reported that US crude oil inventories jumped for the third straight week.