Florida gas prices climbed rapidly in response to the conflict in Iran. The state average surged 57 cents per gallon last week, and the average of $3.45 in the state and $3.94 in the Florida Keys on March 8 is the most expensive daily average since August 2024.
In the Keys, gas prices rose from just under $3 before the conflict to upwards of $3.79 — and more than $4 in places like Key West — as matters escalated.
“Prices at the pump moved up quickly early last week as oil prices rallied,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “With oil taking another large step higher last Friday, motorists should prepare for another round of increases in the days ahead as retailers and suppliers adjust to those higher costs.”
Crude oil prices soared 36 percent last week, marking the largest weekly increase in 20 years. Friday’s closing price hit $90.90 per barrel, nearly $24 higher than the previous week and the highest since September 2023. Gasoline futures rose sharply as well, climbing 67 cents per gallon.
These increases pushed gas prices higher early in the week and will likely continue influencing pump prices in the days ahead.
Fuel markets are reacting strongly to developments around the Strait of Hormuz, which normally handles about 20 percent of the world’s oil. Traffic there has come to a stop due to safety concerns, limiting global supply and pushing oil even higher.
Despite global uncertainties, U.S. fuel deliveries remain uninterrupted, and stations are being supplied as normal. This week’s price increases are driven by rising crude and wholesale gasoline costs, not a lack of fuel. How much further prices rise will depend on how long shipping disruptions persist and where oil prices settle.
