00:00Despite the temporary relief, fuel prices could continue rising for several months,
00:05even if the Strait of Hormuz fully reopens, according to the U.S. Energy Information Administration.
00:11This outlook contrasts with reassurance from U.S. President Donald Trump,
00:16who says consumers will see immediate relief once the conflict comes to an end.
00:22The agency said that a risk premium will likely remain in oil prices,
00:26as markets continue to factor in the possibility of future supply disruptions.
00:31The conflict has driven global oil and fuel prices sharply higher after Iran blocked the Strait of Hormuz,
00:38that carries roughly one-fifth of global oil and gas supplies.
00:42Trump has repeatedly said that rising fuel prices would be temporary.
00:46However, the agency forecast that Brent crude oil prices will average around $96 per barrel this year,
00:53well above its earlier estimate.
00:55The agency projects that U.S. gasoline prices could also peak at an average of $4.30 per gallon in
01:02April
01:02and remain elevated throughout the year.
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