Market Update: Utah gas prices jump $.19 amid global tensions – Full Analysis

SALT LAKE CITY — Utah drivers are seeing another spike at the pump this week, with the statewide average price for a gallon of regular unleaded rising $.19 to $2.90 Tuesday, according to new data from GasBuddy.

Industry analysts say the increase is the result of a double whammy — seasonal market trends and escalating conflict in the Middle East.

Fuel prices typically rise heading into spring and summer as refineries switch to more expensive warm‑weather blends and demand increases. Experts say Utah was already on track for gradual price hikes before global events added new pressure.

Nationally, the average price for a gallon of regular unleaded is now $3.13, slightly above Utah’s average.

Saturday’s U.S.‑Israeli attack on Iran is adding to the volatility of the global oil market. The impact, analysts say, is twofold.

Patrick De Haan, head of petroleum analysis for GasBuddy, said Iran’s role as a major oil producer is only part of the story. More critical is the vulnerability of the Strait of Hormuz—a narrow but essential shipping channel.

“Twenty percent of the world’s oil supply flows through the Strait of Hormuz,” De Haan said. “That’s why we’re seeing oil prices jump.”

Any threat to the security of that waterway immediately pushes global oil prices higher, even before physical supply is disrupted.

Utah’s quick price jump may seem confusing given that the more expensive gasoline hasn’t yet reached U.S. refineries. Retail stations base their prices not on the fuel they already purchased, but on replacement cost—what they expect to pay for their next shipment, according to De Haan.

De Haan also says the current situation has not yet affected airline fuel costs, but that could change if instability around the Strait of Hormuz continues. A prolonged disruption could push prices higher across multiple sectors, including transportation and shipping.

For now, Utah drivers should expect gas prices to increase into the summer months.