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FLORIDA - South Florida drivers may soon face a major spike in fuel costs as rising tensions between Israel and Iran ripple across the global oil market.
Recent missile strikes near oil refineries in both countries have triggered widespread concern among energy experts, who say the U.S. could feel the impact within days.
According to CBS News, gas prices in Florida had dropped to their lowest in over a month, with the state average at $2.95 per gallon as of Sunday.
In Miami-Dade and Broward counties, prices hovered just below the $3 mark.
However, analysts from CNN, Bloomberg, AAA, and GasBuddy are warning that could change very quickly.
Patrick De Haan of GasBuddy noted that stations charging less than $3 are the most vulnerable to sudden increases.
Meanwhile, AAA’s Mark Jenkins stated the sharp rise in oil prices last week, 13% up, closing at $72.98 a barrel, was driven by escalating hostilities overseas.
Experts like Behnam Ben Taleblu from the Foundation for Defense of Democracies said attacks targeted major oil infrastructure in Haifa and southern Iran.
While the conflict has not yet disrupted global supply chains, analysts say any escalation near the Strait of Hormuz could send oil prices soaring past $100 per barrel, according to Goldman Sachs.
Drivers like Gaige Fogle in Miami say they’re already seeing prices tick up.
With the July Fourth holiday approaching, many are being advised to fuel up now, as the window for cheap gas may be closing fast.