Gas prices surge in New Jersey as tensions in the Middle East escalate
The jump comes as global oil prices climb sharply, with crude up 6% while tanker traffic through the Strait of Hormuz faces disruption.
More Stories
Oil prices surged Monday as tensions in the Middle East escalated.
About 20% of the world’s oil supply moves through the Strait of Hormuz, a narrow passage connecting the Persian Gulf to the Gulf of Oman.
The escalating violence is affecting this key shipping route, and many drivers are now watching gas prices at the pump.
In New Jersey today, the average price for a gallon of regular gas is $2.9, according to AAA. The national average is $3.11.
It’s above $3 a gallon for the first time this year, which recent surveys identify as a “pain point” for many Americans.
Prices usually rise this time of year because of seasonal factors, but there are also geopolitical pressures at play.
"With the closing of the Straight of Hormuz that has put a wrench in everything because that is the main shipping channel for oil, so all of those tankers are kinda anchored right there. Waiting further instructions and until we see oil moving again, we're going to see increases at the pump," says AAA spokesperson Tracy Noble.
Experts say as long as the violence continues, gas prices are likely to remain elevated, but it is still too early to predict how much higher they could go.
