PHOENIX (AZFamily) — Gas prices in Phoenix have already jumped nearly 12 cents a gallon compared to last week and are about 43 cents higher than a month ago, according to GasBuddy. The average price for a gallon of regular gasoline in Phoenix is currently $3.54.
GasBuddy analyst Patrick De Haan said drivers in the Phoenix area should expect prices to increase up to 25 cents per gallon over the next week or two.
Strait of Hormuz disruption driving oil price spike
De Haan said the price increases are tied to a slowdown in oil traffic through the Strait of Hormuz, a waterway south of Iran through which roughly 20 percent of the world’s oil flows.
“The cost of shipping insurance and vessels are basically halting, refusing to go through the Strait given the heightened risk after Iran attacked several vessels,” De Haan explained. “It’s that halt in movements of oil through the Strait of Hormuz that’s really responsible for the bulk of the increase in the price of oil.”
De Haan also noted that seasonal factors were already pushing prices higher before the disruption.
“Keep in mind, we’re still amidst the spring. That’s when seasonal factors generally push gas prices up already. So, a little bit of a double whammy here with prices rising seasonally as we change to summer gasoline. In addition, now oil is jumping after these attacks,” De Haan said.
Diesel prices also climbing; broader price increases possible
Diesel prices are also rising. De Haan said the average diesel price could increase by 50 cents or more per gallon over the next two weeks.
As of Tuesday, the national average price for a gallon of diesel stood at $3.86 — the highest it has been since May 2024, according to GasBuddy.
De Haan warned that higher diesel costs could have a wider economic impact, since diesel powers the trucks and trains that transport goods to stores.
“Diesel going up could start to accelerate the pace of inflation again if this is an issue that persists,” De Haan said.
Check gas prices in your area at www.azfamily.com/traffic/gas-prices/.
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