How the strikes on Iran could impact gas prices in northern Nevada

The United States and Israel launched targeted attacks on Iran on Saturday. The move brought new uncertainty into global energy markets, as northern Nevadans could be paying more at the pump in the coming weeks.

Following the strikes, oil prices increased. Brent crude, the international benchmark, jumped to roughly $73 a barrel, while the national benchmark, West Texas Intermediate, traded above $67.

Much of the concern centers around the Strait of Hormuz, a narrow waterway between Iran and Oman. which carries about a fifth of the world’s oil supplies.

Patrick de Haan, head of petroleum analysis with GasBuddy, a price tracking company, spoke on the current questions in the region.

“The known would reduce oil prices if there becomes clarity, but it’s the unknown that is stoking fears…. If there is some sort of clarity in the days ahead, whether from Iran, the United States, or Israel, on how long this would last. We’d be able to put potentially an end date for the potential impacts that we’re seeing,” said de Haan.

Experts say for every $5 to $10 increase in oil prices, drivers could pay 15 to 25 cents more per gallon.

According to Triple-A, the average price of a gallon of gas in Nevada on Sunday comes in at $3.70, which comes in above the national average of roughly $2.98.

Over at the Rainbow Market on Vassar Street, prices sat just below four dollars a gallon on Sunday. Reno resident Abran Reyes talked about gas prices potentially going up.

“Whether it’s to work, to maybe run errands, to do stuff that helps you, gas is essential…. That gas price really hits, especially in today’s economy, where gas prices are extraordinary…. I just hope everyone’s safe. I hope our soldiers and all of our troops can be okay,” said Reyes.