Gas Prices Rise in Nevada and Arizona Amid Iran Tensions

Gasoline prices in Nevada and Arizona have begun to rise following several weeks of declining costs. The trend is driven by geopolitical uncertainty surrounding a ceasefire between the United States and Iran, as well as renewed tensions along the Strait of Hormuz. Crude oil prices have shifted slightly into the $70 per barrel range.

In Nevada, average gas costs reached $4.81 per gallon in Reno and $4.55 in Las Vegas. While Arizona saw a 7-cent decrease from the previous week, the national average rose 5 cents in a 24-hour period to $3.85 per gallon. AAA Mountain West Group reports that while earlier price dips resulted from easing tensions in the Strait of Hormuz, renewed conflict may lead to continued price increases.

Data from the Energy Information Administration indicates a decline in gasoline demand and production last week. Crude oil inventories rose by 3 million barrels to 411.4 million, though this remains approximately 6% below the five-year average.