US EditionGas Concerns Increase as Tension in the Middle East Grows
Oil futures rose about 12% to $75 per barrel amid concerns over the Strait of Hormuz; drivers may face $2–$5 higher fill-ups, analysts say.
- On Monday U.S. crude jumped about $8 a barrel, roughly 12%, rising to around $75 in early trading after weekend Iran attacks triggered the surge.
- With threats to the Strait of Hormuz, a deadly, fast-moving Middle East conflict is sending shockwaves through the global economy and affecting U.S. pump prices.
- De Haan of GasBuddy noted, `The wholesale price of gasoline is also taking a pretty big jump along with diesel and jet fuel- just about everything that comes out of oil- seeing a big jump in price as a result of the attacks and the instability, especially uncertainty with the Strait of Hormuz. Insurers and shippers are dropping anchor, avoiding the Strait of Hormuz because of the uncertainty,' De Haan said.
- In North Carolina, GasBuddy reports the statewide average at $2.76 per gallon, up from $2.74 last year, amid rising global tensions. Prices on Monday varied from $2.48 to $2.98 per gallon along South Saunders Street, Raleigh.
- Experts say drivers may face a $2 to $5 increase per fill up as the situation unfolds, according to analysts warning gasoline could rise more than 25 cents per gallon.
20 Articles
20 Articles
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Gas concerns increase as tension in the middle east grows
Wheeling, W.Va (WTRF) - Oil prices have climbed above $70 a barrel amid rising tensions in the Middle East, raising concerns that gas prices could increase for drivers in West Virginia and across the United States. Crude oil had been hovering in the low $60 range earlier this year, keeping gas prices relatively affordable. But [...]
Financial markets react to the conflict in the Middle East with increases in oil and gas prices, affecting global stock markets and benefiting energy companies
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