Iran Conflict Continues to Drive Up US Gas Prices

Global tensions between the US and Iran have caused gas prices to fluctuate, affecting pump prices in 47 states. The national average for regular gasoline rose eight cents to $4.10 a gallon this week, with Oregon seeing a seven-cent increase to $4.64 a gallon.

Crude oil prices dropped after hostilities eased in the Middle East, but markets remain concerned about global oil supplies due to disruptions in the Strait of Hormuz. West Texas Intermediate, the US benchmark for crude, fell below $80 per barrel this week, down from its recent high above $90 per barrel.

Gas prices are significantly higher than they were before the conflict with Iran began, with the national average increasing by over $1 since February 28th. The Oregon average has risen to $4.64 a gallon, while Washington's average is at $5.12 per gallon. These high prices are driven by global supply concerns and seasonal factors such as refineries undergoing maintenance ahead of the switch to summer-blend fuel.