For the best experienceDownload the Mobile App
App Store Play Store
Gas prices could jump 30 cents a gallon by July Fourth, analysts say
Gas prices could jump 30 cents a gallon by July Fourth, analysts say
Gas prices could jump 30 cents a gallon by July Fourth, analysts say

Published on: 06/18/2025

Description

(CNN) - If you’re planning a summer road trip, the conflict between Israel and Iran might affect you.

Analysts said U.S. gas prices are likely to climb higher, starting this week, as the conflict intensifies.

An analyst for Gas Buddy predicts prices could rise more than 30 cents a gallon by July Fourth due to the skyrocketing cost of oil.

“Any kind of conflict going on in the Middle East, or particularly if it escalates, is going to lead to rising oil prices, which will lead to inflationary pressures in the U.S.,” said Natasha Lindstaedt, a professor of government at the University of Essex.

Some oil infrastructure appears damaged, such as in Haifa, home to Israel’s largest refinery, as the two sides exchange strikes.

And Iran is one of the top oil producers in the world.

“They went after oil storage and oil refineries in those depots, as well as, of course, the targeting of gas facilities in Iran’s south,” said Benham Ben Taleblu, senior director of the Foundation for Defense of Democracies’ Iran Program.

Analysts said it’s good that U.S. gas prices were relatively mild before the conflict began.

Rystad Energy said the oil market’s reaction could be “contained and temporary” if Iran focuses on military targets.

Experts said gas prices would rise much more if it went after the Strait of Hormuz. Goldman Sachs predicted an extended disruption there would push oil prices past $100 a barrel.

That’s because core OPEC countries need the waterway in order to ramp up production.

“There’s every single day 21 million barrels of oil that flows through the Strait of Hormuz,” CNN’s business and economy reporter Matt Egan said. “It’s about a fifth of what the world consumes.”

Copyright 2025 CNN Newsource. All rights reserved.

News Source : https://www.walb.com/2025/06/18/gas-prices-could-jump-30-cents-gallon-by-july-fourth-analysts-say/

Other Related News

06/18/2025

MOULTRIE Ga WALB So Danca a Brazilian dancewear company is opening a new 80000 square foo...

06/18/2025

ATLANTA Ga Atlanta News First - After two weeks of testimony a man was found guilty of sta...

06/18/2025

WALB is working to produce a video for this story In the meantime we encourage you to watc...

06/18/2025

ALBANY Ga WALB - The Dougherty County Sheriffs Office has captured Johnny David Williams W...

06/18/2025

DOUGHERTY COUNTY Ga WALB The Dougherty County Sheriffs Office has issued a wanted alert f...

ShoutoutGive Shoutout
500/500