Minnesota gas prices rise as oil markets react to U.S.-Iran conflict
US, Iran clash over Strait of Hormuz as gas prices rise
Ongoing clashes between the United States and Iran are contributing to higher gas prices at the pump. Over the weekend, both countries exchanged strikes amid the ongoing battle over control of the Strait of Hormuz. U.S. Central Command said American forces destroyed Iranian targets during the strikes. FOX 9's Chenue Her reports.
MINNEAPOLIS (FOX 9) - Drivers in the Twin Cities are seeing a sharp rise at the pump, with average gas prices climbing more than a quarter per gallon over the past week.
Gas prices spike across Twin Cities, Minnesota
What we know:
According to GasBuddy’s latest survey of 1,106 stations, average gasoline prices in the Twin Cities rose 25.4 cents in the past week, landing at $3.86 per gallon.
The cheapest station was at $3.29 while the most expensive reached $4.69, a $1.40 difference. Statewide, the lowest price yesterday was $3.29 and the highest was $4.79. The average for Minnesota is now $3.76, up 17.3 cents from last week.
Drivers are feeling the pinch as prices are now 77 cents higher than this time last year, though they are 2 cents lower than a month ago. Neighboring areas like Wisconsin and Sioux Falls also saw increases, with Wisconsin now at $3.66 and Sioux Falls at $3.61.
Why you should care:
The national average price of gasoline has ended an eight-week streak of declines, rising 10.3 cents to $3.82 per gallon. Diesel is up as well, now averaging $4.85 per gallon nationwide. Patrick De Haan, head of petroleum analysis at GasBuddy, said, "The national average price of gasoline has seen its first weekly increase since May 11, snapping a streak of eight straight weekly declines, with prices climbing in nearly four out of five states."
He added, "The turnaround comes as oil prices have surged following the collapse of the ceasefire between the U.S. and Iran and the start of new attacks, with oil jumping another 4% in Sunday evening trading, an ominous sign that could bring additional gas and diesel price increases in the week ahead."
GasBuddy’s data shows that while the pace of increases may not match those from earlier in the year, global tensions and attacks on Russian refineries are keeping supplies tight. Many drivers are searching for the lowest prices, with a $1.50 spread between the cheapest and most expensive stations in Minnesota.
Oil markets react to U.S.-Iran conflict
The backstory:
Over the last five years, Twin Cities gas prices have fluctuated, hitting a high of $4.61 in July 2022 and a low of $2.99 in July 2021. The national average followed a similar pattern. GasBuddy has been tracking these numbers using data from more than 11 million weekly price reports across 150,000 gas stations.
The price jump comes as oil markets react to international events, including renewed conflict in the Middle East and attacks on energy infrastructure in Russia.
By the numbers:
- Twin Cities average: $3.86/g (up 25.4 cents in a week)
- Minnesota average: $3.76/g (up 17.3 cents)
- Wisconsin average: $3.66/g (up 11.4 cents)
- Sioux Falls average: $3.61/g (up 18.2 cents)
- Diesel national average: $4.85/g (up 9.6 cents)
- National gas average: $3.82/g (up 10.3 cents)
- Twin Cities price range: $3.29 to $4.69/g
- Minnesota price range: $3.29 to $4.79/g
What's next:
GasBuddy warns that if oil prices keep rising, drivers could see even higher prices at the pump in the coming days. The situation remains uncertain as global events continue to impact supply.
What we don’t know: It’s not clear how long gas prices will keep climbing or when drivers might see relief, as much depends on ongoing international developments and oil market reactions.
The Source: Information from GasBuddy press release.