Gas prices have risen above $6 in California, with uncertainty looming after the last oil tanker from the Middle East arrived in the state this week. The California Energy Commission vice-chair, Siva Gunda, told legislators on Tuesday that the state could meet fuel demand for the next six weeks with its current supply. The New Corolla is delivering about 2m barrels of crude oil, according to the Los Angeles Times.
The arrival of the last tanker to the US state with the nation’s highest gas prices could have a significant impact. While costs have risen in recent weeks, supply has not yet been severely affected as markets have continued to receive oil that was already in transit when the Strait of Hormuz was closed.
Meanwhile, Donald Trump has given Tehran a new ultimatum, telling the Iranian leadership to accept a deal to end the war or face a fresh wave of US bombing “at a much higher level and intensity than it was before”. US Central Command said it had fired on an Iranian-flagged oil tanker attempting to breach the US blockade.
Axios reported on Wednesday that Washington and Tehran were close to agreeing on a memorandum of understanding to end the war. Officials in Pakistan told the Guardian that an initial framework could possibly be agreed within 48 hours – but that nothing was certain and talks remained “difficult”.
