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Oil Prices Dip as Iran Threatens Strait of Hormuz; Gas Prices Remain Elevated
Oil prices edged lower Sunday, but ongoing tensions in the Middle East continue to raise concerns about the global energy supply.
Brent crude, the international benchmark, fell less than 1% to settle at $93.77 a barrel.
The modest decline comes as Iran threatens to halt oil shipments through the Strait of Hormuz, a key shipping route for global energy markets.
The threat is adding to concerns about the potential impact on oil supplies if tensions in the region escalate.
Meanwhile, drivers are continuing to feel the effects at the pump.
The national average price for a gallon of regular gasoline reached $4.09 Sunday, according to AAA.
That’s about 37.5% higher than the average price before the war began.
For now, oil prices remain elevated as markets closely watch developments in the region and the potential impact on global supplies.
By: NBC Palm Springs
August 23, 2026
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