San Diego County gas prices jumped nearly four cents overnight, while the national average jumped 11 cents, according to AAA.
The average price of a gallon of self-serve regular gasoline in San Diego County rose Tuesday to to $4.737, its highest amount since Dec. 1, according to figures from the AAA and Oil Price Information Service.
Gas prices were already rising before the U.S. launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war.
The San Diego average is 8.3 cents more than one week ago and 25.4 cents more than one month ago, but 2.2 cents less than one year ago. It has dropped $1.698 since rising to a record $6.435 on Oct. 5, 2022.
The national average at $3.11 topped $3 for the first time Dec. 1. It is 15.8 cents more than one week ago and 22.6 cents higher than one month ago, but 1.2 cents less than one year ago. It has dropped $1.907 since rising to a record $5.016 on June 14, 2022.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
Iran has also struck energy facilities in Qatar and Saudi Arabia, and disrupted tanker traffic through the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all oil traded passes, sending global oil and natural gas prices soaring.
Benchmark U.S. crude jumped 8.6% to $77.36 a barrel.
Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
The price of crude is the single largest factor in how much U.S. drivers pay for fuel. And higher oil prices are usually felt at the pump within a couple of weeks at most.
Crude price increases are substantially reflected in pump prices in 20 days and a $10 per barrel increase typically results in a rise of around 25 cents per gallon, according to 2019 research by the Federal Reserve Bank of Dallas.