Average price for a gallon of gas rises 11 cents overnight to about $3.11 in US, AAA says
Gas Prices Spike Following U.S. Strikes on Iran
NEW YORK (AP) — The average price for a gallon of gasoline jumped 11 cents overnight to about $3.11 in the U.S., according to motor club AAA.
Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
Benchmark U.S. crude jumped 8.6% to $77.36 a barrel.
Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
As a result of escalating tensions in the Middle East, gas prices in the United States have surged. The increase in gasoline prices is attributed to the rising cost of crude oil, which has been driven up by the recent conflict between the U.S. and Iran.
With benchmark U.S. crude reaching levels not seen in over a year, consumers can expect to see higher prices at the pump in the coming weeks. The spike in oil prices is a direct result of the uncertainty and instability caused by the ongoing war in the region.
As tensions continue to escalate and global oil prices remain volatile, it is likely that gas prices will continue to rise. Consumers should be prepared for higher costs when filling up their vehicles as the situation in the Middle East unfolds.
