Israel – Iran war intensifies, gas prices rise

Death and destruction in the Middle East means rising U.S. gasoline prices

Data from Gasbuddy, Compilation Since Israel and Iran began bombing each other on June 13, it has risen 1.1 cents from more than 150,000 gas stations across the United States to $3.08 a gallon, although that is still 9.5 cents below May’s 9.5 cents and 32.7 cents below last year. Last week, diesel prices rose by four cents.

Natural gas is the most expensive in California, Hawaii and Washington. It is the cheapest in Mississippi, Tennessee and Oklahoma. The biggest growth was found in Indiana, Virginia, West Virginia and Pennsylvania last week. Prices in Florida fell 11.4 cents.

“As long as tensions in the Middle East continue to escalate, the risk of further impact on oil prices remains high,” said Patrick de Haan, head of oil analysis at Gasbuddy. “Currently, I expect gasoline prices to rise by 10 to 20 cents, while diesel could climb 15 to 25 cents in the coming days.”

“This situation can worsen at any time,” De Haan added.

although Both nation Targeted refineries, no supply has been disturbed yet. The biggest concern is whether Iran wants to block opportunities to link the Persian Gulf to the Arabian Sea, which will pass one-third of global offshore oil.

Analyst predict This will increase to $120 a barrel, although it may not be in Iran Strategic Interests Doing so – especially due to the risk of angering its biggest client China.

Meanwhile, U.S. consumers will be subject to a “risk premium,” UBS commodity analyst Giovanni Staunovo told Gasbuddy. “Without interference, the risk will often disappear.”