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Fuel prices soar amid Israel-Iran tensions

Politiko 2025-06-17 19:19:12

Fuel prices soar amid Israel-Iran tensions

Oil prices rose sharply on Tuesday as the energy market remained on high alert over the possibility of supply disruptions due to the conflict between Israel and Iran.

The rise in oil futures prices that began last week is already affecting fuel prices at the pump, CNN reports. The national average for regular gasoline rose 3 cents on Tuesday, to $3.17 a gallon, according to AAA data.

In the US oil futures market, prices rose 2.9% to $73.90 a barrel, pushing crude to its highest level since January of this year. Monday marked a 1.7% decline.

Israel's unprecedented attacks on Iran last week caused a 13% increase in oil prices, the biggest weekly increase since October 2022.

The main fear remains that Iran could respond by striking energy export infrastructure in the Middle East, an area that carries about half of the world's oil reserves.

Traders are carefully watching the Strait of Hormuz, a key waterway connecting the oil-rich Persian Gulf to the world's oceans.

The importance of the Strait of Hormuz was also highlighted by the collision of an oil tanker near the area. According to the Cooperative Maritime Information Center, an international maritime force is investigating the incident, which is suspected to be “navigation-related and not maritime security-related.”

The navy warned that the maritime threat level is "high" and noted high electronic interference in the region.

Gas prices have been gradually rising in recent days, up 5 cents per gallon compared to last week, according to AAA. Some U.S. states have seen the biggest increases, such as Delaware (+17 cents), Indiana (+15 cents) and Maryland (+14 cents).

However, prices at gas stations remain lower than the average a year ago, which was $3.45 per gallon, and far from the record high of $5.02 that was set in June 2022.

 

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