Seattle gas prices soar as Iran war roils oil markets
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Seattle gas prices are climbing quickly as the Iran war rattles global oil markets.
Why it matters: Washington drivers already pay some of the highest prices in the nation, and geopolitical turmoil adds pressure to their pocketbooks.
By the numbers: Many stations are charging about $4.75 a gallon or more in the Seattle area, up from roughly $3.99 in January, per GasBuddy, a fuel price tracking service.
- Statewide, the average price for regular gas was hovering around $4.63 per gallon on Monday, compared to about $4 a gallon one month ago and $3.69 a gallon two months ago, per AAA and GasBuddy data.
- The current national average is about $3.48 a gallon, which jumped 11 cents in a single day last week, the biggest one-day spike since 2022, according to GasBuddy analyst Patrick De Haan.
Catch up quick: Washington consistently ranks among the most expensive states for gas, driven in part by one of the nation's highest state gas taxes and West Coast supply constraints.
The big picture: The escalating conflict involving Iran has cast a spotlight on the global economy's reliance on the Strait of Hormuz, a choke point for global oil supply.
- Fears of disruption have pushed global oil prices sharply higher: West Texas Intermediate (WTI) crude has soared 40% in a week to above $100 per barrel — its highest level since the summer of 2022.
- American consumers have seen average gasoline prices rise 17% since the war began, according to the Oil Price Information Service.
What they're saying: "With no immediate signs of resolution," gas prices are adding to inflation pressures that could weigh on consumer spending, according to Angelo Kourkafas, senior global strategist for investment strategy at Edward Jones.
Yes, but: "Even so, history shows that geopolitical shocks typically have short‑lived market effects," Kourkafas said. "Oil prices often rise in anticipation of major events and peak shortly afterward."