Will gas prices continue to rise? Alabama economist says Israel-Iran conflict has ‘rattled markets’

If you’re making plans for the holidays this summer, it might be cheaper to stay close to home, as experts predict a continuous rise in fuel prices in response to the ongoing Israel-Iran conflict.

“Gas prices are typically elevated in the summer anyways due to demand, but current volatility from major crude hubs has rattled markets, thus the upward pressure on prices,” said UAB economist Ben Meadows.

Data from the U.S. Energy Information Administration shows that average fuel prices nationwide have been steadily increasing since January with a sharp spike in April.

Currently, the average cost for a gallon of gas in the U.S. is $3.14, according to the EIA.

This is around 3 cents more expensive than last week but remains nearly 30 cents cheaper than this time last year.

The U.S. did not provide any military assistance or have any involvement in Israel’s Friday strike, a U.S. official recently told ABC News.

But President Donald Trump told the outlet on Sunday, “It’s possible we could get involved.”

A further escalation of the conflict between Israel and Iran could send oil and gas prices significantly higher, Ramanan Krishnamoorti, a professor of petroleum engineering at the University of Houston, told ABC News.