No Respite in Oil Price Hikes in Next Three Months

Oil and gas prices are soaring as conflict in the Middle East intensifies, raising concerns about the cost of fuel at the pump.

Brent crude futures, the international benchmark, have also spiked.

The national average for gasoline shot up this week to $3.45 per gallon, the highest level this year, according to data from the American Automobile Association (AAA), Ivana Pino reported for Yahoo Personal Finance.

Oil prices have surged since the start of the Iran war, with US benchmark West Texas Intermediate crude futures rising more than 50% this week to above $100 per barrel.

Brent crude futures, the international benchmark, also spiked this week. Analysts warned that a prolonged war with Iran could drive energy prices even higher. Both Brent and WTI crude climbed above $100 per barrel on Sunday for the first time since 2022, when Russia invaded Ukraine.

These mounting pressures abroad could have real impacts on the cost of fuel for US drivers at home.

“This is something that’s going to start impacting gas prices starting today,” Patrick De Haan, head of petroleum analysis at GasBuddy, told Yahoo Finance.

“The national average will start to tick higher. We could see gas prices by around lunch or even in the evening start to go up as gas stations are probably getting alerts themselves of a big jump in the price they pay.”

This comes amid a seasonal rise in gas prices, De Haan said, as most of the nation has already begun transitioning to cleaner—but more expensive—summer gasoline blends.

The seasonal impact, combined with the attacks on Iran, is likely to push fuel prices higher not just over the next few days but for several weeks, if not two or three months.