AAA monitors oil prices amid tensions between Israel and Iran

ROCHESTER, N.Y. (WROC) – Tensions in the Middle East between Israel and Iran are prompting some concern of rising oil prices, according to experts with AAA.

The average cost of regular gas per gallon in Rochester has increased roughly three cents from last Monday. Although it’s not much of an increase, AAA is watching tensions in the Middle East closely.

“As always when it comes to gas prices, there’s always an element of supply and demand. What we’re watching is to see if what’s going on in the Middle East impacts the supply in any way and the ability to produce oil, or the ability to transport oil out of the region to places like the US. When those things are interrupted or halted in any way, we see a spike in the cost of oil in terms of dollars per barrel and that translates directly into prices here at the pump,” said Mark Gruba, communications specialist with AAA.

Domestic oil prices have increased from $65 dollars per barrel last week to an average of up to $75 per barrel this Monday, which is the highest average since January.

What to know about the conflict between Israel and Iran

AAA says this jump is likely a short-term reaction to headlines, and the agency does not expect a significant rise in oil prices.

“What we’re watching is to see how this translates over the next week and couple of weeks, and as we move into the July 4th travel season as well. Lots of folks will be road-tripping then, but at this point, I think it’s a little too early to call. Even the oil numbers, oil is trading a dollar or two down per barrel from where it was over the weekend. It’s a volatile situation and bears watching. I think for the most part, it shouldn’t have an impact on what we’re doing in the Rochester region or across the US,” said Gruba.

Where gas prices go from here is unknown, Gruba says, but did note it was three years ago this week that the US saw a record in gas prices at more than $5 per gallon in response to the war in Ukraine.

Right now, regular gas in the Rochester area is almost 50 cents cheaper per gallon compared to a year ago.

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