Gas prices rise more than 10 cents a day, set to rise 'soon' as oil rises amid Iran war

Gas prices at the pump rose on Tuesday in response to rising oil prices amid the broader Middle East conflict.

The national average at the pump in the past 24 hours rose nearly $0.10 to $3.11 per gallon, according to AAA data.

And drivers can expect even higher hikes in the coming days as fuel prices jump after the conflict erupts in Middle Eastern filters through retail gas stations.

“It’s going to be very fast,” Patrick DeHaan, head of petroleum analysis for GasBuddy, told Yahoo Finance on Monday.

DeHaan said the reaction at the pump to higher oil prices has been “rapid,” with the national average expected to rise by $0.10 to $0.25 per gallon in the next week or two, barring a decline.

Adding to the pressure, much of the country has already started switching to cleaner, more expensive gasoline to kick off the spring driving season.

“The weather, along with the attacks on Iran, will certainly cause many motorists to expect higher gas prices here, not just in the next few days but actually in the next few weeks, if not two or three months,” DeHaan said.

Read more: What a prolonged war with Iran means for gas prices

Oil prices rose on Tuesday as markets in the Middle East reacted to continued military operations by the US and Israel following a weekend attack on Iran and Tehran responded to retaliatory strikes in the region.

Shipping activity through the Strait of Hormuz, a key hub for global oil flows, has been disrupted amid rising war risk insurance premiums, which have added to higher price pressures.

Strategists warn that energy prices could rise further if the war drags on.

“If shipping through the Strait of Hormuz is restricted for 3 to 4 weeks,” it could push Brent oil prices above $100 a barrel, JPMorgan analysts said Monday. About 20% of the world’s oil flows through the strait.

Brent crude futures (BZ=F), the global benchmark, rose 5% to $83 on Tuesday. Meanwhile, US benchmark West Texas Intermediate crude futures (CL=F) also extended gains from the previous session to hover above $76 per barrel.