Retail Gas Prices Skyrocket Across America at Fastest Pace Since 2022 Amid Conflict With Iran

With America’s “Operation Epic Fury” against Iran rapidly approaching the one-week mark, gas prices are now rising at their fastest pace since 2022. On Tuesday, the price of gas rose 12.1 cents, according to the head of petroleum analysis at GasBuddy, Patrick De Haan. He noted that it was the largest single-day jump since March 8, 2022, which was almost two weeks after Russia launched its invasion of Ukraine. AAA reports that the national average for a gallon of gas as of Wednesday was $3.198, up from $3.109 on Tuesday. That marks a roughly 21-cent increase nationally from last week. In some cities, gas prices have seen even more significant jumps over the last week. In Warner Robins, Georgia, gas prices are up roughly 67 cents compared to a week ago. Mr. De Haan noted in his Fuel Insights newsletter that several of the cities experiencing major increases are in “price cycling regions” where prices “periodically jump higher after gradual declines.”At the outset of America’s strikes on Iran, there were concerns that the attacks would lead to a rise in oil prices. A major source of concern was the potential that Iran would try to shut down the Strait of Hormuz, through which about a fifth of the world’s oil supply passes. On Monday, a senior adviser to the commander-in-chief of Iran’s Revolutionary Guard, Brigadier General Ebrahim Jabbari, said Iran would “attack and set ablaze any ship attempting to cross.”Lloyd’s List Intelligence reported that four tankers had been struck since the beginning of the conflict on Saturday, and that there had been an 80 percent decrease in seaborne traffic. However, it is unclear how much longer Iran will be able to carry out strikes on ships in the Strait. American officials said on Wednesday that they had sunk at least 17 Iranian naval vessels. The head of U.S. Central Command, Admiral Brad Cooper, said the military is “sinking the Iranian Navy — the entire navy.”President Trump said on Tuesday that he ordered the U.S. International Development Finance Corporation to provide political risk insurance for maritime trade in the Gulf. He also said the U.S. Navy may start escorting ships through the Strait. After that statement, the global benchmark for Brent crude fell to just over $80 per barrel, which came after the price hit $85 per barrel for the first time since 2024. Despite the ongoing conflict, which Mr. Trump says could last “four to five weeks,” Mr. De Haan predicts the “pace of increase should begin slowing by the weekend,” in part because of the president’s “remedies” aimed at reducing the risk of attacks in the Strait of Hormuz.

Retail Gas Prices Skyrocket Across America at Fastest Pace Since 2022 Amid Conflict With Iran

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