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Motorists in Central New York, particularly in the Syracuse area, are experiencing a significant increase in gas prices. According to AAA, the average cost for a gallon of regular fuel has risen to $3.16, marking a 12-cent increase over the past week and a 10-cent rise from the previous month. This surge is attributed to ongoing unrest in the Middle East, which could lead to further price hikes in the coming weeks.
The conflict between Israel and Iran has caused concerns over rising oil prices, as reported by CNY Central. The price of oil has increased from $65 per barrel last Monday to an average of $73-75 per barrel, the highest since January. AAA's partner, the Oil Price Information Service (OPIS), suggests this price jump is a short-term reaction to the conflict, but warns that prolonged tensions could maintain elevated crude oil prices, leading to higher gas prices.
As reported by CNY Central, the New York State average for a gallon of gas is currently $3.21, while the national average is $3.22. The situation is further complicated by U.S. airstrikes on Iranian targets, which have escalated tensions in the region. Analysts are particularly concerned about potential disruptions in the Strait of Hormuz, a critical passageway for 20 percent of global oil trade.