Middle East on brink of larger war: Prepare for higher gas prices

Man-kisses-bullet-Tehran A demonstrator kisses a bullet shell replica as others gather at Palestine Square in Tehran on April 14, 2024, after Iran launched a drone and missile attack on Israel. Iran's Revolutionary Guards confirmed early April 14, 2024 that a drone and missile attack was under way against Israel in retaliation for a deadly April 1 drone strike on its Damascus consulate. ATTA KENARE, AFP via Getty Images

Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • How could Iran’s attack on Israel affect gas prices? What you should know
  • Iran, one of the world’s largest producers of crude oil, has long been engaged in a shadow war with Israel, but there have been concerns the Israel-Hamas war could become a broader regional conflict.
  • Any ripple effects on gas prices depend on the countries’ next moves and whether they seek further retaliation against the backdrop of an already raging war, said Michael Walden, Reynolds Distinguished Professor Emeritus at North Carolina State University.
  • “We’re uncertain about what’s going to happen,” he said. “And so the impacts are going to be very dependent upon what does evolve.”
  • The average price for a gallon of regular gas in the U.S. was $3.63 as of Monday, according to AAA, up almost 4 cents from a week earlier and 22 cents from a month ago. The price was down 3 cents from a year ago, however.
  • Oil benchmarks had risen on Friday in anticipation of Iran’s retaliatory assault, with prices soaring to their highest since October.
  • If you are planning a last-minute road trip, though, it may be worth going somewhere closer or putting off travel until a later date. Drivers who can take other modes of transportation, such as walking or biking, could consider that as well.

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