The price of oil approached $100 per barrel on Tuesday morning. This marked a level not reached since July. The increase followed an incident where the U.S. targeted three Iranian tankers in the Strait of Hormuz. In response, Iran declared it would halt vessel movements in the area without its approval.

This development in the Strait of Hormuz, a critical oil transit route, has contributed to the escalation of oil prices. Additionally, rising demand in China is exerting further pressure on the global oil market.

Gas prices are climbing as a result. On Thursday, this trend was visible at gas stations in Las Vegas, highlighting the impact on consumers.