Dallas gas prices soared Monday as the Iran war threatens the global oil supply.
The average price of regular gasoline reached $3.191 a gallon in Dallas, more than 50 cents higher than one week ago, according to the American Automobile Association. Nationwide, the average hit $3.478 a gallon.
In Fort Worth and Arlington, gas was slightly cheaper, at $3.183 a gallon. The highest prices in the state were reported in far West Texas, where a gallon topped $3.50
The price for crude oil — the material that is refined into gasoline — soared above $100 a barrel for the first time since Russia invaded Ukraine in 2022.
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Diesel prices also surged. The average per gallon in Texas jumped to $4.397, more than $1 from a week ago.
The war, which is in its second week, has shaken the production and shipping of oil. Roughly one-fifth of the world’s oil is typically shipped through the Strait of Hormuz, which is located to the south of Iran. Tankers are now stranded, unable to safely travel through the strait.
Several countries in the Middle East have cut oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the United States also have attacked oil and gas facilities since the war started, worsening supply concerns.
Patrick De Haan, a petroleum analyst for GasBuddy, said on social media that gas prices are likely to reach $4 a gallon this month. “Waking up and looking at oil markets gave me the chills,” he wrote on X.
Higher energy costs could push inflation higher, straining household budgets as many families are already struggling with rising costs.
President Donald Trump acknowledged the increase Sunday on his social media platform Truth Social and said it will be “short term” and is a “very small price to pay for U.S.A., and World, Safety and Peace.”
The Associated Press contributed to this report.