How fast are Arizona gas prices rising as Iran War disrupts global oil supply?

PHOENIX – Gas prices continue to soar in metro Phoenix and across the state as the ongoing Iran War pushes oil prices higher.

How high will gas prices get? Much of that depends on what happens with the Strait of Hormuz.

“If they don’t get the strait open by the end of next week, I’d say we’re looking at kind of an apocalyptic scenario where we’re going to see much higher prices, like we did in 2022,” Tom Kloza, chief analyst for Gulf Oil, told KTAR News 92.3 FM’s Arizona’s Morning News on Friday.

Iran has threatened to attack any tankers and ships that pass through the narrow waterway that is crucial to transporting oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran.

“The world needs the [Middle East] crude much more than the United States does, but we’re talking about a loss of about 16 million barrels a day of crude exiting the Strait of Hormuz. So, it’s this very, very serious event,” Kloza said.

What is the gas price in Phoenix and across Arizona?

After the price for a barrel of benchmark U.S. crude shot up Thursday to its highest level in nearly two years, the price of regular gas jumped 14 cents per gallon in metro Phoenix overnight.

According to AAA, the average cost per gallon in the Phoenix area was $3.91 on Friday morning, up from $3.77 the previous day.

Valley gas prices have now risen by 44 cents in the last week and 75 cents in the last month.

The statewide average is a bit lower but also on the rise. It was $3.70 on Friday, $3.58 on Thursday, $3.29 a week ago and $3.10 a month ago.

Only six states are paying more at the pump than Arizona, with California leading the way at $4.90 per gallon, per AAA.

The national average was up to $3.32 on Friday, 34 cents higher than it was a week ago.

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