Oil prices surged early Monday, leading to a noticeable increase in local gasoline prices. This rise came in the wake of a social media statement from President Donald Trump, who labeled Iran’s response to a proposed peace deal as “totally unacceptable.”
Brent crude oil, a key global benchmark, saw its price climb to $104 a barrel, marking an increase of $2.71. For context, prior to the U.S.-Israel conflict with Iran that began on February 28, oil prices were sitting at $72.79 a barrel.
On Long Island, the average price for gasoline reached $4.54 per gallon on Monday, slightly down from $4.55 reported on Friday by AAA Northeast. Despite this minor decrease over the weekend, prices have increased almost 10 cents compared to the $4.45 average from the previous Monday. To give further perspective, just one day before the conflict began on February 27, average gasoline prices on Long Island were significantly lower at $2.86 per gallon.
Local experts note that there is a direct correlation between rising oil prices and gasoline prices nationwide. Typically, gasoline prices increase by approximately 25 cents for every $10 rise in the cost of oil per barrel. This relationship underscores the impact that global oil market fluctuations can have on everyday consumers filling up their vehicles.
