Gas prices are climbing in Oklahoma as oil prices rise following U.S. attacks on Iran, with some stations increasing prices by as much as 50 cents overnight.
A gallon of regular gasoline is now just under $3 at many pumps across the city. Drivers say the increase was noticeable.
“It makes a difference in the pocket when you fill your tank up,” one driver said while topping off their tank.
According to GasBuddy, Oklahoma continues to have some of the lowest gas prices in the country. Still, analysts say prices are trending upward as markets react to geopolitical tensions in the Middle East, along with typical seasonal increases ahead of summer.
Triston Hasty-Grant, wealth advisor for Waterstone Private Wealth Management, said rising oil prices are common during periods of international conflict.
“If this conflict over in the Middle East and Iran continues and prolongs, then that’s where we could see gas prices really start to elevate and elevate dramatically,” Hasty-Grant said.
Oil price fluctuations have also contributed to volatility in the U.S. stock market. Stocks dipped after news of the strikes before rebounding later in the day.
Hasty-Grant said investors with diversified portfolios are generally better positioned to weather short-term disruptions.
“If you have a diversified portfolio, of which you know what you’re invested in and why, then you could probably still be in a good spot,” he said.
Historically, markets tend to recover following geopolitical events. On average, the U.S. stock market is up slightly more than 5% six months after such events, Hasty-Grant said.
GasBuddy analysts say if the national average price for a gallon of gas surpasses $3, it would mark the highest level since November.
This article was originally published by KOTV (News on 6). You can see the original story here.