India, July 14 -- The United States is the world's largest oil producer, but Americans are still paying high prices for oil and gasoline. Many people wonder why fuel prices are rising when the U.S. produces so much oil and imports only a small amount from the Middle East.

Oil prices jumped again on July 14 after fresh military strikes between the United States and Iran increased fears about oil supplies moving through the Strait of Hormuz.

Brent crude, the primary international oil benchmark, rose as much as 3.8% on Tuesday, extending a 9.6% jump from the previous day. Brent futures for September delivery stood at $85.92 a barrel as of 08:00 GMT, the highest level since June 15.

Fuel prices remained high as the ceasefire between the Un...