NEW YORK, March 17 (Reuters) - The U.S. national average price for gasoline surpassed $3.75 a gallon for the first time since October 2023 on Tuesday, GasBuddy data showed, as global fuel markets continue to reel from supply disruptions caused by the ongoing Middle East war.
Rising pump prices are expected to strain consumers' budgets and have negatively impacted voter sentiment toward U.S. President Donald Trump's decision to join Israel in attacking Iran ahead of November's midterm elections, which will determine control of Congress. Trump was reelected in 2024 after campaigning on lowering energy costs for consumers.
The Middle East conflict has disrupted supplies from one of the world's leading oil-producing regions, as Iran's attacks on shipping in the Strait of Hormuz have hindered exports from Gulf producers.
The U.S. remains relatively well-stocked on motor fuel, with about 28.5 days of supply in inventories as of the end of last week—the highest for this time of year since 2021. Nevertheless, pump prices have surged in response to a tighter global market and soaring oil prices driven by the war.
Crude oil costs are the largest factor in retail fuel pricing.
U.S. national average retail gasoline prices have risen approximately 84 cents per gallon since the U.S. and Israel launched attacks on Iran at the end of February, reaching $3.83 a gallon as of 4:55 p.m. ET, according to GasBuddy live data.
U.S. West Texas Intermediate crude futures have increased from $67.02 a barrel to $96.16 over the same period.
(Reporting by Shariq Khan in New York; Editing by Bill Berkrot)
