GasBuddy warns Seattle gas could top $4.65 soon as oil markets swing on Iran tensions

SEATTLE — Worries about the conflict in Iran are rippling to local gas stations, where some drivers are topping off their tanks in case prices jump in the days ahead.

Crude oil prices have been volatile, and analysts warn that if the conflict drags on, drivers will likely see higher prices at the pump. At a Safeway gas station in Shoreline on 15th Avenue Northeast, a steady stream of customers filled up. Some said they came because of the $4.19 per gallon price and wanted to buy gas before any significant increase.

RELATED: Iran drags its neighbors into conflict as fighting spreads across Middle East

“I love driving. I love being in my car. One of my favorite things is being around them and working on them. I just want to be able to drive,” said Anna, who put $21 worth of gas into her tank to top it off. “I drive out of my way to get the cheapest gas.”

Other drivers said they were buying gas because they needed it, not because of the military strikes in Iran or concerns about the oil market.

“No matter what, not only me — everyone will buy the gas, even if it goes over five bucks,” said Riaz Khan of Mukilteo. “Gas is needed in the car, just like food.”

Patrick De Haan, an analyst with GasBuddy, said regular gasoline prices in the Seattle metro area rose more than 4 cents since midnight and could climb further over the next week.

“Seattle’s average is about $4.52. We could be above the $4.65 mark in the next three days, and by a week from now we could be closer to $4.70 a gallon — unless things change again,” De Haan said. “In the Middle East, oil prices were all over the map today, at one point rising above $80, then falling below $70. Now we’re back at about $72 a barrel. So volatility is what we’re seeing. Gas prices are highly likely to be impacted. Diesel prices are likely even more so. Diesel could jump 25 to 50 cents over the next week or so.”

Iran is a major oil producer, and about 20% of the world’s daily oil supply passes through the Strait of Hormuz between Iran and Oman, a key chokepoint that influences global energy markets.

“So any way you slice it, a lot of this is happening not just because of the attacks in Iran, but the uncertainty over travel through the Strait of Hormuz,” De Haan said. “Twenty percent of the world’s oil supply flows through that waterway, though not as much at this moment due to the attacks and uncertainty.”

Juana Lemus also filled up her tank. She owns a housecleaning business and said one of her biggest expenses is gas to travel to clients’ homes. If fuel costs rise, she said, it will add to existing financial pressure.

“Everything is going up and up and up,” Lemus said.

Anna, who said she owns three vehicles, plans to park her truck because of its poor gas mileage until the conflict subsides. She said she disagrees with the U.S. military strikes on Iran.

“Everything else in this world is already expensive. You can’t buy groceries. You can’t live,” Anna said. “We don’t need any of this.”

James McCaffrey, director of the Center for Economic and Business Research at Western Washington University, described the conflict and its effect on oil markets as complex and far-reaching. He said consumers should expect prices to rise and suggested ways to manage costs.

“So we do expect gas prices to rise,” McCaffrey said. “You could certainly buy today — it’ll probably be less expensive than tomorrow. You can also price compare and look around. Use different website tools to compare and look for better options.”

McCaffrey also pointed to broader economic effects, including higher diesel costs that can filter into consumer goods, and urged households to monitor spending.

“There are things every household should do,” he said. “Are you paying an appropriate amount for different things? Are you looking for less expensive fuel? Even if a grocery store is convenient, is it the best option from a price perspective?”

De Haan said some consumers may be reacting out of anxiety, but he does not expect an immediate or dramatic spike in gasoline prices.

“I think there’s a lot of anxiety over prices going up and maybe some people are needlessly going to the pump,” De Haan said. “It’s not like we’re going to see an overnight spike. Prices will move moderately higher, but we’ve seen larger and more significant spikes than what we’re likely to see here.”