Iran Conflict Sends Gas Prices Soaring

The renewed conflict between the U.S. and Iran has sent shockwaves through global oil markets, causing gas prices to rise in 47 states, including Oregon.

This week's national average for regular gasoline reached $4.10 a gallon, an eight-cent increase from last week, while the Oregon average rose seven cents to $4.64 a gallon.

Crude oil prices dropped after hostilities eased in the Middle East, but markets remain concerned about global oil supplies as few ships are able to travel through the Strait of Hormuz, which accounts for 20% of the world's oil and refined products flow.

According to Marie Dodds, public affairs director for AAA Oregon/Idaho, 'volatility is the name of the game' in oil markets, with prices potentially rising again depending on developments in the conflict.