Gas prices are about to take a big jump, analysts say, with the worst still to come
U.S. gas and diesel prices are surging as a conflict with Iran and a pipeline attack in Saudi Arabia disrupt energy markets. National averages rose 3 cents overnight, while some regions saw jumps of 25 cents a gallon. In Cincinnati, prices reached $4.59 per gallon. Analysts and prediction market traders warn that the worst is yet to come, with prices potentially hitting new yearly highs. Drivers in Massachusetts and Portland are already reporting increased costs for fuel and heating.
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- ✓ Gas and diesel prices are rising across the United States.
- ✓ Analysts predict further significant increases in gas prices due to the war with Iran.
- ✓ Crude oil prices remain high.
What changed
A pipeline attack in Saudi Arabia and the ongoing Iran war have triggered immediate price spikes and forecasts of further increases.
Live updates
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Analysts Predict Staggering Gas Price Spikes Amid Iran War
U.S. gas and diesel prices are surging as a conflict with Iran and a pipeline attack in Saudi Arabia disrupt energy markets. National averages rose 3 cents overnight, while some regions saw jumps of 25 cents a gallon. In Cincinnati, prices reached $4.59 per gallon. Analysts and prediction market traders warn that the worst is yet to come, with prices potentially hitting new yearly highs. Drivers in Massachusetts and Portland are already reporting increased costs for fuel and heating.
Why it matters
Energy volatility arrives just weeks before the midterm elections. High crude oil prices are driving the current pump increases. This follows a previous price record set in Ohio in 2022.
What is confirmed
- Gas and diesel prices are rising across the United States.
- Analysts predict further significant increases in gas prices due to the war with Iran.
- Crude oil prices remain high.
Still unconfirmed
- Gas prices in Cincinnati reached $4.59 a gallon following a Saudi Arabia pipeline attack.
- National average gas prices rose 3 cents overnight.
- Some U.S. regions experienced overnight gas price increases of 25 cents a gallon.
- Diesel prices in Greater Cincinnati have set records for nine consecutive days.
- Prediction market traders believe gas prices will reach new highs for the year.
What to watch next
- Further updates on the Saudi Arabia pipeline damage
- Official energy production reports from Iran
- Midterm election polling regarding energy costs
confidence 85%Sources used for this update (17)
- WWLP — Iran War’s Impact: Rising gas and heating costs in Massachusetts
- The Washington Post — Gas prices are about to take a big jump, analysts say, with the worst still to come
- Axios — Portlanders still feel pain at the pump
- Cincinnati Enquirer — Ohio's record for gas prices happened in 2022. Here's how much it cost
- WDTN.com — Middle East conflict continues, gas prices set to rise
- CNBC — Prediction market traders think gas prices will hit new highs for the year
- WCPO 9 News — Gas prices in Cincinnati spike up to $4.59 a gallon amid Saudi Arabia pipeline attack: Here are ways to save
- WLWT — Gas prices again jump overnight across Greater Cincinnati, diesel sets record for 9th straight day
- AAA Gas Prices — Pump Prices Keep Climbing as Crude Oil Remains High
- usatoday.com — Gas prices jump across the US. See map of state-by-state numbers
- CBS News — No relief in sight for U.S. drivers as gas and diesel prices surge
- newser.com — Analysts: Expect 'Staggering' Spike at Pumps From Iran War
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