‘Prices may go crazy’: Conflict in Iran could impact Oregon gas costs

PORTLAND, Ore. (KOIN) — There is worry about what could happen to oil and gas prices as a result of the Israel-Iran conflict.

If you checked pump prices on Monday compared to Sunday, you might be surprised there’s not a price increase after the bombing in Iran. The price of crude oil used to make gasoline and diesel dropped.

A board member of the Oregon Fuel Association and president of Star Oil Mark Fitts told KOIN 6 that prices on the wholesale market dropped on Monday, meaning fuel companies paid less than over the weekend — which is why there wasn’t a sudden jump in price.

“I’m advising my family to keep their tank full because prices may go crazy,” Fitts said.

Analysts say one reason that’s the case could be Iran’s decision to attack a U.S. base in Qatar but not block oil and gas tankers in the Strait of Hormuz — a main channel to get fuel out of the Middle East.

But a big question is what’s ahead.

While vacationers can perhaps adjust, local truck drivers say they have to fill up and deliver no matter what the price, which equates to hundreds of dollars each time.