Middle East conflict will likely drive up gas prices in Florida, nationwide

Middle East conflict will likely cause spike in gas prices
Middle East conflict will likely cause spike in gas prices
Middle East conflict will likely cause spike in gas prices
Escalating tensions between Israel and Iran will likely lead to increases in gas prices in Florida and across the nation.
Florida gas prices are at their the lowest in a month, according to AAA - The Auto Club, but face upward pressure heading into this week.
Sunday's state average was $2.95 per gallon. That's down 14 cents from a week ago and the lowest since May 12.
In Miami-Dade, the average was $2.94 a gallon, down from $3.01 a week ago and $3.06 a month ago, according to AAA. It's a similar story in Broward. On Sunday, the average was $2.97 a gallon, down from $3.01 a week ago and $3.12 a month ago.
But the decrease in prices is about to change, according to AAA.
Israel and Iran conflict drives up prices
"Escalating tensions between Israel and Iran drove oil prices higher last week," AAA spokesman Mark Jenkins said. "As a result, U.S. gas prices are expected to rise this week. The extent of the increase is uncertain, but drivers could begin seeing gas prices move higher on Monday."
The U.S. price for crude oil rose 13% last week. Friday's closing price of $72.98 per barrel was $8.40 more per barrel than the week before, and the highest daily settlement since February 11, 2025.
An analyst for GasBuddy predicts that prices could rise more than 30 cents a gallon by July Fourth.
Oil facilities targeted in attacks
On Sunday, Israel and Iran traded more missile attacks despite calls for a halt to the fighting, with neither country backing down as their conflict raged for a third day.
Some oil infrastructure appears to have been damaged in Haifa, home to Israel's largest refinery, and in Iran.
"They went after oil storage and oil refineries in those depots, as well as of course the targeting of gas facilities in Iran's south," Behnam Ben Taleblu, a senior director at the Foundation for Defense of Democracies, said.
Analysts said the good news is that U.S. gas prices were relatively mild before the conflict began. Rystad Energy said the oil market's reaction could be "contained and temporary" if Iran focuses on military targets.
Experts said gas prices would rise much more if the Strait of Hormuz was targeted.
Goldman Sachs predicts an extended disruption there would push oil prices past $100 per barrel because core OPEC countries need the waterway in order to ramp up production.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

an hour ago

• Yahoo

Shell boss warns of ‘huge impact on trade' if Israel-Iran conflict escalates

An escalation in the Middle East conflict could have a 'huge impact on global trade', the boss of the oil company Shell has warned, as Donald Trump suggested the US could enter the air war between Israel and Iran. Shell, one of the biggest traders of oil and natural gas in the world, said it had contingency plans in case the conflict disrupted flows from the region. There is a risk that a blockage in the strait of Hormuz could shock the energy market. Speaking at an energy conference in Tokyo, Wael Sawan, the chief executive of Shell, said: 'If that artery is blocked, for whatever reason, it has a huge impact on global trade… We have plans in the eventuality that things deteriorate.' About a quarter of the world's oil trade passes through the strait of Hormuz, which links the Persian Gulf to the Indian Ocean. Oil prices have risen over the last week as the conflict has escalated. On Thursday, Brent crude rose nearly 1% to more than $77 (£57) a barrel. Interactive 'What is particularly challenging right now is some of the jamming that's happening,' said Sawan, referring to the interference in navigation signals in and around the Persian Gulf. The growing risk in the area has also more than doubled the price to charter large oil tankers through the strait of Hormuz, according to figures from the data and analytics firm Clarksons Research, reported by the Financial Times. The daily price to charter a very large crude carrier, which is capable of carrying 2m barrels of oil, from the Gulf to China rose from $19,998 two days before Israel's attack on Iran last week to $47,609 on Wednesday. The sharp rise in costs far outpaces the 12% increase in the wider Baltic Dirty Tanker index over the same period. The index tracks crude oil tanker rates across the world. Meanwhile, global stocks slipped slightly on Thursday, as investors bought assets that are typically more stable during volatile periods such as gold and the US dollar. The precious metal ticked up 0.1% to $3,372.36 an ounce, while the dollar rose against the euro, as well as the Australian and New Zealand dollars. Trump said on Wednesday he had not yet made a final decision about the US entering the war. 'I may do it, I may not do it. I mean, nobody knows what I'm going to do,' the president said. Kyle Rodda, a senior financial markets analyst at said: 'Market participants remain edgy and uncertain. Speculation remains rife – fed probably strategically by the Trump administration – that the US will intervene, something that would mark a material escalation and could invite direct retaliation against the US by Iran.' 'Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth,' Rodda added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Yahoo

an hour ago

• Yahoo

Character.AI taps Meta's former VP of business products as CEO

the Google-backed AI chatbot provider with tens of millions of monthly active users, announced on Friday that Karandeep Anand, the former VP of Business Products at Meta, is joining the company as CEO. Previously a board adviser to Anand is stepping into the CEO role at a pivotal moment for the chatbot provider, as the company tries to simultaneously grow its platform while combatting child safety concerns. In recent months, has added an array of new safety features in light of an active lawsuit, which alleges that one of the company's chatbots played a role in the death of a 14-year-old Florida boy. Anand comes to with experience running advertising products that reached billions of users on Meta's apps. Previously, Anand served as Microsoft's head of product management, overseeing user experience on the company's cloud platform, Azure. Most recently, Anand served as the president of the fintech startup Brex. Anand is taking over just over 10 months after Google hired away the startup's co-founder and CEO, Noam Shazeer, who had previously led core AI teams at the Mountain View giant. At the time, Google also signed a non-exclusive agreement to use technology. deal with Google prompted federal regulators to investigate the companies' relationship over antitrust concerns. It's one of many reverse-acquihire deals in the AI startup space that's received regulatory scrutiny, alongside Microsoft's deal with has raised more than $150 million in venture funding, largely from Andreessen Horowitz. In a blog post, Anand said one of his first priorities would be making safety filters 'less overbearing.' The new CEO noted that the company cares deeply about users safety, but that too often, 'the app filters things that are perfectly harmless.' Anand also said he plans to improve the quality of AI models on platform, innovate around memory features, and increase transparency around decision making. He says many of these features are coming in the next 60 days. Chatbots that are purely designed for entertainment, which specializes in, are growing into a massive market for generative AI — a trend that's been surprising to many. In 2024, 66% of the company's users were between the age of 18 and 24, and 72% of the company's users were women, according to data from Sensor Tower.

Travel + Leisure

an hour ago

• Travel + Leisure

Florida's Naples Beach Club Hotel Will Be Back This Fall as a Four Seasons—Take a First Look Inside

Florida's Gulf Coast hotel scene is getting a glamorous glow-up this fall with the arrival of Naples Beach Club, a Four Seasons Resort. Taking over the renowned Naples Beach Club Hotel & Golf Club, the resort will feature 163 guest rooms, 57 suites, and 153 residences. The renovated hotel sits on 1,000 feet of sandy shoreline in Old Naples and will offer a balance of the Gulf Coast's natural beauty and local Naples charm with residential-style accommodations. The ocean-themed guest rooms have expansive terraces with daybeds, walk-in closets, and dining nooks, alongside eye-catching decor elements such as flamingo pink or periwinkle blue lacquered cabinetry. The Resort View One Bedroom Suite features ocean-inspired interiors and expansive private terraces, allowing guests to enjoy seamless indoor-outdoor living. Naples Beach Club, A Four Seasons Resort 'We are thrilled to unveil a brand-new resort that reinterprets the beloved destination of Naples for the next generation of guests, residents, and the local community when we open later this year,' Antoine Chahwan, the president of hotel operations for the Americas division at Four Seasons, said in a statement. 'As this highly anticipated opening comes to life, the Four Seasons culture of service and excellence will ensure an exceptional experience, further inspired by the spirit of this treasured location.' The new Four Seasons also encompasses a 125-acre residential and golf resort, which will include The Gardens, a Tom Fazio-redesigned 18-hole golf course slated to open next year. On the residential front, Naples Beach Club will include 58 luxury condos across three beachfront buildings, while 95 luxury condos will be offered across five residential buildings facing the golf course. 'Naples Beach Club is our modern expression of the cherished traditions and style of Naples,' the resort's general manager Diego Angarita said in a statement. 'Our team cannot wait to open the doors, welcome guests and connect with the community, establishing the property as a social hub and gathering place for locals and visitors alike.' Four Seasons tapped two-time James Beard Award winner Gavin Kaysen for The Merchant Room, Naples Beach Club's signature dining venue and his first restaurant outside the Midwest. Kaysen's arrival signals a polished-yet-approachable style to a menu of seasonal Gulf Coast–inspired dishes with French finesse, served indoors and al fresco with front-row views of the water. 24 Best Weekend Getaways in Florida 18 Best Family Beaches in Florida The resort's oceanfront Sunset Bar. Naples Beach Club, A Four Seasons Resort Another venue is one that guests and locals are likely to recognize. HB's, the beloved beachfront, returns with a breezy makeover and a toes-in-the-sand vibe. It is named for Henry B. Watkins, who founded the original Naples Beach Hotel, and pays homage to the past in a space built for sunset seafood feasts and barefoot cocktails. Sunset Bar is also planned for a revival in the new hotel, reclaiming its status as the go-to spot in town for golden hour with a mai tai on the side. Naples Beach Club guests will also have access to Market Square, a multifaceted bazaar that includes Naples Trading Company for grab-and-go provisions as well as entertainment options, such as a four-lane bowling alley, private screening room, game room, and a putting green. Market Square also features the supervised FINS Club for Kids, a mix of open-air and indoor event spaces, and, beginning in 2026, The Wager, a sports pub. Those looking for more laid-back vibes can enjoy a treatment at the 30,000-square-foot Sanctuary Spa with a rooftop lap pool and a Harley Pasternak-designed gym. This being Naples, the star of the show is obviously the beach. Attentive staffers will be on hand for towel drops and spritz refills, as well as to help arrange water sports or beach games. Save at least one sunset for aboard the 34-foot classic Hinckley Picnic Boat, offered exclusively to hotel guests. Those who are more about pool time than splashing in the Gulf can enjoy two different options, both surrounded by loungers and private cabanas. A family-friendly splash area is also available. Guests who like to venture off-site can enjoy a variety of experiences, ranging from exploring Everglades National Park to shopping Fifth Avenue South in downtown Naples, or attending a night at the Naples Philharmonic. Nightly rates at Naples Beach Club, a Four Seasons Resort start at $1,100. Reservations are now open for stays beginning November 24, 2025, and can be booked on