Commodities
Utah Gas Prices Soar to $4.18 Amid Middle East Tensions
Utah's average gas price has surged to approximately $4.18 per gallon, up nearly 20 cents from last week and over 30 cents from the Fourth of July weekend, according to AAA's fuel price index.
The sudden increase is due to rising crude oil prices tied to instability in the Middle East, said Aldo Vazquez, a spokesperson for AAA Mountain West Group. He warned that prices could continue to rise, given the uncertainty over how long the conflict will last.
Volatility along the Strait of Hormuz and instability in the region have pushed oil prices into the $90 per barrel range, which could drive up costs during the second half of the summer.