Global conflicts push gas prices higher in Virginia

Va. (WSET) — Gas prices are climbing as tensions and conflict involving Iran continue to impact global oil markets.

According to Gas Buddy, the average price for a gallon of gas in Virginia is now $3.51.

That’s about 20 cents higher than just last week and 68 cents more than a month ago.

Experts say several factors are at play.

Morgan Dean with AAA says most of the increase we’ve seen at the pumps is tied to what’s happening in global oil markets, including disruptions in the Middle East that can push crude prices higher, even though the United States doesn’t get most of its oil from that region.

READ MORE: Virginia gas prices spike 20 cents in past week as war in Iran pushes fuel costs up

“About 60% of the price we pay at the pump here as U.S. drivers is directly related to the price of crude oil, so when crude oil prices go up, pump prices go up,” explained Dean.

Dean says the price is jumping because many oil ships cannot pass through the Strait of Hormuz right now due to the ongoing conflict with Iran.

He says it’s hard to predict how much higher prices could go or how long they may last.

However, he says it’s a good sign to see some state averages drop by a penny or two. It’s the first decrease he’s seen since the conflict with Iran began.