Gas prices jump more than 50 cents nationwide as oil markets react to Middle East tensions

FOX23 News at 9 p.m

(KBSI) — Gas prices across the United States jumped sharply over the past week as global oil markets reacted to escalating tensions in the Middle East.

According to new data from GasBuddy, the national average price for regular gasoline rose more than 50 cents in the past week, reaching $3.45 per gallon. The average is now about 54 cents higher than a month ago and roughly 42 cents higher than this time last year.

Diesel prices climbed even faster. The national average increased nearly 86 cents over the last week, bringing the average price of diesel fuel to about $4.60 per gallon.

Patrick De Haan, head of petroleum analysis at GasBuddy, said the spike comes after oil prices surged following U.S. strikes on Iran and concerns about disruptions to shipping routes in the Middle East, including the Strait of Hormuz, a key passage for global oil shipments.

“With additional attacks across the Middle East pushing oil above $100 per barrel, fuel markets are adjusting quickly to the possibility of prolonged supply disruptions,” De Haan said.

Analysts say prices could continue rising in the short term. GasBuddy estimates gasoline prices in many states could increase another 20 to 50 cents per gallon this week, while diesel could climb 35 to 75 cents per gallon.

Oil prices moved higher over the past week as geopolitical tensions increased. Early Monday trading showed West Texas Intermediate crude rising to about $72 per barrel, while Brent crude approached $79 per barrel.

Despite the increase in fuel costs, federal data shows U.S. gasoline inventories remain slightly above the five-year seasonal average, while overall oil supplies are slightly below average levels for this time of year.