Minnesota Gas Prices Could Jump With Middle East Unrest

The oil market has been on edge ever since Israel and Iran started trading missile strikes. Then, add in the United States airstrikes on Iran's nuclear facilities, and you have an even more volatile market. What does that mean for gas prices this summer in Minnesota?

Analysts expect prices to rise 5-10%.

Some experts are expecting a 5-10% price increase in the coming days, which would bring the average price of gas in Minnesota up to $3.40 for regular unleaded. Gas prices typically rise in the summer due to higher demand. July is traditionally the month many people hit the road for a summer road trip. That brings the gas price up seasonally, even without the conflict in the Middle East.

If tension in the Middle East gets worse, the price of crude oil and gasoline will go up. However, if things calm down, that price could lower.

It's good to remember that even though we've seen a jump of about 17 cents in the couple of weeks at the pump, it's still 13 cents a gallon cheaper than it was last year at this time, according to Kare11.

Read More: Here's Where Nuclear Fallout Shelters Still Exist In Minnesota

If the Strait Of Hormuz Is Closed, Prices Could Jump Significantly

If Iran were to retaliate by closing the crucial Strait of Hormuz, experts say the price of crude oil could jump 50-60%, potentially reaching $120 a barrel. CBS reports that Iran has threatened to close the strait, and the Iranian Parliament has approved the plan. The final decision to close the strait would come from the Supreme National Security Council.

Minnesota Gas Prices Below National Average

Fortunately for Minnesotans, the average price of gas in Minnesota is cheaper than the national average. Across the nation, the average price for unleaded at the pump is 3.22 per gallon. The average in Minnesota is 3.02.