Here we go again, and it’s not even summer.
Gas prices are predicted to rise – perhaps even closing in on the $5 per gallon mark – in part because Iran cut oil exports to France and Britain on Monday, reports stated.
Iran’s oil ministry made the announcement just days after it threatened to cut supplies to some European Union countries in retaliation for sanctions put in place by the EU and United States, CNN reported.
U.S. crude for April delivery rose almost 2 percent to $105.08 per barrel. Brent crude, Europe's benchmark, rose about 0.5 percent to $120.18 per barrel, the highest it’s been in more than a year.