Gas prices in Cincinnati surged on Tuesday, but they're still lower than the national average. This surge comes amid concerns that military strikes by the U.S. and Israel on Iran could disrupt oil exports and cause prices to spike, according to USA TODAY. Despite the steady increase in Cincinnati's gas prices, the city remains below the national average of $3.102 per gallon. According to GasBuddy, a fuel-savings platform, Cincinnati's gas prices are up 14.8 cents from last year's average, up 4.9 cents from last month's average, up 12.3 cents from last week, and up 10.1 cents from the March 2 average. Cincinnati gas prices went down last week but went back up Tuesday. The average price of gas in Cincinnati rose 10.1 cents on March 3, reaching $2.822 a gallon. The national average price of gas has risen 13 cents per gallon in the last week, averaging $3.102 a gallon on Tuesday. This is the fourth consecutive week the average price of gas has increased nationwide, driven primarily by seasonal tightening and broader market dynamics, according to Patrick De Haan, head of petroleum analysis at GasBuddy. The United States attacks on Iran had not yet disrupted gas supply as of Monday, but gas prices will likely feel the aftermath of the attacks in the week ahead. The closure of the Strait of Hormuz, the world's most vital oil export route, by Iran on March 2 could drive up oil prices. This closure was triggered by U.S. and Israeli strikes on Iran on Feb. 28, seeking to topple its leaders. About 20% of the global daily oil supply passes through the Strait of Hormuz every day. Saudi Arabia, Iraq, and the United Arab Emirates send most of their oil exports through there. Sustained disruptions to the Strait of Hormuz could push up gas prices, De Haan told USA TODAY. Iran exports about 1.6 million barrels a day, mostly to China due to U.S. sanctions. If Iran oil exports are disrupted, Chinese refineries may have to find oil elsewhere, potentially pushing up prices.
