Gas prices set to rise amid U.S.-Israeli war with Iran, analysts say
CBSN
American motorists could soon pay more at the pump amid spiking oil prices due to the U.S.-Israel attacks on Iran, with experts predicting gasoline prices could rise sharply this week. Edited by Alain Sherter In:
American motorists could soon pay more at the pump amid spiking oil prices due to the U.S.-Israel attacks on Iran, with experts predicting gasoline prices could rise sharply this week.
The price of West Texas Intermediate crude, a type of oil primarily produced in the U.S., jumped 6.2% on Monday to $71.19 per barrel, according to data from FactSet. Brent crude, the international benchmark, surged nearly 9% to $79.31 per barrel on Monday, its highest point in more than a year.
Gas prices in the U.S. could start moving higher as soon as Monday, according to GasBuddy petroleum analyst Patrick De Haan, who predicted that some gas stations could be charging as much as 30 cents more per gallon by the end of the week.
The projected increase would come after fuel costs had already edged higher this year on concerns about flaring tensions between the U.S. and Iran. On Monday, gas prices averaged about $3 per gallon across the U.S., about 20 cents higher than at the start of January, according to data from AAA.
"Most drivers should prepare for gradual increases this week," De Haan said in a report. "Low-priced stations will likely move first and more visibly."
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