Strait of Hormuz Fears Send California Gas Past $6 a Gallon

California's average gasoline price surged to above $6 per gallon on Thursday, the first U.S. state to top this threshold since the Iran war rattled markets. The U.S. benchmark crude price, WTI Crude, had jumped to $106 per barrel in Asian trade on Thursday, driving sustained increases in U.S. gasoline prices—a political hot potato for the Trump Administration ahead of the midterm elections in November. Crude oil prices have rallied in recent days amid fears of a prolonged U.S. blockade outside the Strait of Hormuz and reports of potential…