Average gasoline prices in Miami rose 1 cent per gallon over the past week, reaching $2.89 per gallon to start the first full work week of March, according to GasBuddy’s survey of 1,690 stations.
Prices remain 2 cents lower than a month ago and 12 cents below levels seen a year ago.
The lowest reported price Sunday was $2.59 per gallon, while stations in Key Biscayne were among the most expensive in Miami-Dade County at $4.49 per gallon.
Nationally, gas prices climbed 5.6 cents per gallon to an average of $2.94.
The modest local increase comes as oil markets react to escalating tensions between the United States and Iran. Patrick De Haan, head of petroleum analysis at GasBuddy, said markets are beginning to factor in heightened geopolitical risk.
“Markets will now begin reacting to this weekend’s U.S.–Iran attacks, which have elevated geopolitical risk premiums even in the absence of immediate supply disruption,” De Haan said. “In the week ahead, gasoline prices are likely to face heightened upward pressure.”
Oil analysts note that crude prices often rise when Middle East tensions escalate, even if physical supply is not immediately affected. Global benchmark Brent crude has seen volatility amid concerns about potential disruption to shipping routes and regional energy infrastructure. Michael Field, chief European equity strategist at Morningstar told Reuters that “Historically markets have mostly shrugged off isolated conflicts in the Middle East. Only when the conflicts have had the potential to draw in the entire region have markets really moved.”
For now, South Florida drivers are still paying less than they did a year ago — but analysts caution that further geopolitical escalation could quickly shift that trend.
For more on oil market reaction, see Reuters coverage here.
For more gas prices, click here.