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US Gas Prices Climb Amid Middle East Conflict. Here's What to Expect.
- On June 23, Iran launched a missile attack targeting U.S. military installations in Qatar amid escalating Middle East tensions.
- This attack followed U.S. bombings of Iranian nuclear sites days earlier, which heightened uncertainty in global oil markets.
- As a result, gas prices rose during the summer driving season with cities like San Antonio averaging $2.90 and Tennessee $2.85 per gallon.
- Patrick DeHaan from Gas Buddy said motorists may see a 10 to 15 cent weekly increase while experts warn prices could spike above $6 per gallon if Iran closes the Strait of Hormuz.
- The rising prices and conflict emphasize U.S. reliance on Middle Eastern oil, potentially affecting the economy and planned Independence Day travel for millions.
23 Articles
23 Articles
The crossfire between Israel and Iran, with the surprising intervention of the United States, plunged the oil market into a sort of roller coaster that does not stop. Attacks on the nuclear installations and the threat of closing the Strait of Ormuz fired the barrel of oil at $80 and some experts came to augur that the increase could double to 150. Earlier this week there were queues in Spain at gas stations in the face of the suspicion of a dra…
Europe’s LNG Gamble Exposed by Middle East War
Oil and the security of its supply have stolen the media spotlight in the context of the new Middle East war, and with good reason. Ever since Israel first bombed Iran, diesel prices have soared, jet fuel prices have soared, and importers have been troubled. For Europe, the situation is even worse due to natural gas. Europe has been hurt more than others by the diesel price surge because it has boosted its imports considerably over the past year…
The war between Israel and Iran had caused the prices of crude oil and gasoline to rise sharply. Relaxation and the fall in oil prices were only hesitant to arrive at the pump.
Gas prices see early summer rise amid Israel-Iran conflict
Gas prices have jumped over the last week, but experts say there’s a reason the summer rise is happening earlier than usual. University of New Haven professor John Mohs said the war between Israel and Iran has caused both gas and oil prices to rise. Oil prices quickly came back down. Mohs said that’s because of a belief that Iran...
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