Iran war uncertainty makes gas more costly

As the United States and Israel bombard in an attempt to neutralize that nation’s military power, the rise in the price of oil and gas is one of the most noticeable immediate impacts for North Carolina. 

WRAL is tracking the change to gas prices daily to help central North Carolina drivers better balance their household budgets.

What is the average gas price today?

On Thursday morning, North Carolina’s average price per gallon was $3.044, lower than the national average of $3.25, according to AAA.

What people are saying about gas prices

However, analysts are predicting prices to start climbing after strikes began over the weekend.

Patrick DeHaan with GasBuddy told WRAL News that gas prices could rise again in the next 24 hours. 

What is driving up the price of gas? 

The attacks on Iran are restricting travel, and boats will not be able to pass through the Iranian-controlled Strait of Hormuz. About 20% of the world’s oil is shipped through that strait, according to the U.S. Energy Information Administration.

“That uncertainty is what’s driving oil prices up,” DeHaan said. “The known would reduce oil prices — if there becomes clarity — but it’s the unknown that is stoking fears and oil prices.”