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Gas prices may take a hit as storm moves into Gulf of Mexico
Oil prices have hit a six-week high due to geopolitical instability in the Persian Gulf and meteorological instability in the Gulf of Mexico — a clear reminder, analysts say, that the price American drivers pay for gasoline is subject to volatility-induced fluctuations on multiple fronts this summer. “We have so many near misses,” said John Hall, chairman of U.K.-based Alfa Energy. In the latest incident, a British naval ship intervened Thursday after a trio of Iranian vessels reportedly tried to block a U.K. oil tanker near the Strait of Hormuz, a critical choke point through which roughly one-third of the ... (full story)