Siebert Financial CIO Warns $3 Gasoline as Brent Tops $77
Siebert Financial's CIO Mark Malek said U.S. gasoline prices reached $3 per gallon for the first time since November as Brent crude topped $77, forecasting a $0.25 pump increase per $10 barrel rise. He warned that refinery snags and seasonal shifts could push prices up to $3.25 this week.
1. Gasoline Prices Surge Past $3
U.S. average retail gasoline prices crossed $3 per gallon for the first time since November as Brent crude rose over 5%, reaching nearly $77 per barrel, driven by heightened Middle East conflict and refinery transitions to summer-grade fuel.
2. Siebert Financial's Analysis and Forecast
Mark Malek, chief investment officer at Siebert Financial, said each $10 increase in crude prices adds about $0.25 per gallon and warned that seasonal shifts and refinery issues could further elevate pump costs to $3.25 this week.
3. Market and Political Implications
The surge in fuel prices may intensify market volatility and influence consumer sentiment, potentially driving demand for hedging services and advisory products offered by Siebert Financial as investors seek protection against inflationary pressures.