Middle East Conflict Fuels Global Gas Price Surge

Escalating conflict between Israel and Iran has pushed global oil prices sharply higher, resulting in immediate and projected increases in gasoline prices across the United States and internationally. Florida and Arkansas, which recently saw low gas prices, are now expected to experience significant rises, with forecasts of up to 30 cents per gallon increase by July Fourth. The Philadelphia region, New Jersey, and Wilmington have also reported reversing declines and new upward trends in gas prices. In Pakistan, authorities have warned of impending fuel price hikes following a 16% jump in global oil rates, with no relief expected from the Petroleum Development Levy. U.S. crude oil closed last week at its highest price since February, reflecting the global uncertainty caused by ongoing Middle East hostilities. Analysts warn that persistent tensions could lead to even greater volatility and broader economic impacts.