Gas prices in Minnesota spike as global oil market feels Middle East impact

Gas prices are climbing in Minnesota as tensions in the Middle East rattle global oil markets, leaving some drivers bracing for higher costs at the pump.

Minnesota drivers are already noticing an increase at the pump, and some said they’re filling up on Sunday in case prices climb even higher.

“It’s very tough, very tough. I’m struggling to fill up my car,” one driver said.

Other customers said the wiggle room in their budgets is getting smaller as everyday costs continue to fluctuate.

RELATED: The Latest: US, Israel pound Iran as Trump signals willingness to talk to new leadership

University of St. Thomas finance professor Dave Vang said the gas increases are tied to how oil is priced on the global market.

“Oil is priced internationally. We’d like to say that we’re energy sufficient and self-sufficient and so forth, but in reality, we’re buying oil from wherever a place is logistically close to us, so basically, any event anywhere in the world kind of affects the world price of oil,” Vang explained.

Vang said drivers could see prices rise by as much as 20 cents per gallon, depending on how long tensions overseas last.

He also says recent changes in U.S. oil sourcing could help soften larger spikes. According to Vang, oil that previously went to other countries is now being redirected to the United States, helping stabilize supply in this hemisphere.

Vang added that prices could begin to stabilize within about a month, but that depends largely on how long tensions with Iran last.