US strikes on Iran spark surge in oil prices; national gas average nears $3

NEWTON, Mass. — There’s growing concern that the United States’ latest military action in Iran will drive up gas prices here at home.

Drivers along I-95 in Newton expressed a mix of feelings with some saying they think it’s totally unnecessary while others feel that the increased price in gas is worth the military intervention seen overseas.

The price of oil shot up overnight following U.S. and Israeli strikes on Iran over the weekend, with U.S. crude oil prices soaring more than 6.5% Sunday night.

AAA’s Mark Schieldrop said this will affect the American consumer in a big way because their budget has already been stressed in other areas.

“It’s certainly not a good time for people to see higher prices at the pump,” Schieldrop said.

Schieldrop explained the U.S. doesn’t import a lot of Iranian oil but said 20% of the world’s product goes through the strait of Hormuz, and since the attack, much of the shipping through that strait has been halted.

“Higher oil prices and questions about the global oil market dynamics will certainly put additional pressure on gas prices here at home,” Schieldrop said.

Schieldrop also pointed out that we tend to see prices go up slightly and slowly this time of year so experts will have to watch closely to differentiate if the price increase is due to the season, or the geopolitical landscape.

Gas Buddy analysts predict prices are likely to face heightened upward pressure this week as markets navigate the evolving global power dynamics, with the national average poised to reach the $3/gallon mark for the first time this year.

Emma Loren echoed economic concerns and said, “It would make things harder on the consumer and that’s never good especially in this economic market.”

In contrast, Doug McClure doesn’t expect the situation to have as big of an impact.

“Let’s face it, 10 cents extra per gallon, you’re only buying 20 gallons, that’s 2 dollars so what? They’re not buying a Dunkin Donuts coffee. We’re spoiled,” McClure said.

As of Monday, AAA reported the national average at $2.99 a gallon, and in Massachusetts, the average sits at $2.91.

This is a developing story. Check back for updates as more information becomes available.

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