Iran War Sends Gas Prices Surging Toward $4 — Treasure Coast Drivers, Businesses Brace

Treasure Coast drivers filling up this week are staring down prices not seen since the worst of the post-pandemic inflation spike — and energy analysts warn the worst may still be ahead.

Crude oil surged past $109 per barrel when markets opened Sunday, up from roughly $70 just two weeks ago, as the U.S.-Iran war entered its second week with no ceasefire in sight. The national average for a gallon of regular gasoline hit $3.45 by Saturday, according to AAA — a jump of roughly 50 cents in a single week. GasBuddy petroleum analyst Patrick de Haan projects the national average will breach $4 per gallon before the week is out.

Local pump prices on the Treasure Coast were already tracking above $3.50 at several stations along U.S. 1 and I-95 as of Sunday morning According to initial reports,, with further increases expected daily as higher crude costs work their way through the refinery and distribution chain.

The root cause is a global supply crisis centered on the Strait of Hormuz, the narrow waterway through which roughly 20 percent of the world's oil and liquefied natural gas normally flows. After Iran's Revolutionary Guard declared the strait closed and attacked multiple tankers, shipping has ground to a near-halt. About 20 million barrels of oil per day are currently stranded in the Persian Gulf, unable to move to market.

"We have gone from traders with ice in their veins to traders with panic in their veins," said Rebecca Babin, an energy trader with CIBC Private Wealth, on Friday.

The damage extends beyond the strait itself. Refineries and LNG facilities in Bahrain, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates have sustained strikes largely attributed to Iran. Iran's LNG attack alone took roughly 20 percent of the world's LNG supply offline. According to Claudio Galimberti, chief economist at Rystad Energy, approximately 9 million barrels of oil per day are now off the market due to facility damage or precautionary production cuts — creating what he calls "a situation of extreme deficit."

On the Treasure Coast, the pain will land unevenly — but it will land hard.

Commercial fishermen operating out of Stuart, Fort Pierce, and Vero Beach face immediate margin pressure, as diesel — the lifeblood of the working waterfront — hit $4.51 per gallon nationally on Saturday, up 75 cents in a week According to available information,. Charter boat operators, already navigating post-season insurance renewals, could face an existential squeeze if prices climb further According to initial reports,.

Commuters in Martin, St. Lucie, and Indian River Counties — many of whom drive 30 to 50 miles each way to jobs in Palm Beach County According to initial reports, — are absorbing costs with little relief. Public transit options on the Treasure Coast remain limited.

Small businesses dependent on freight and delivery, from Indian River County citrus shippers to Stuart-area contractors, face rising input costs across the board as diesel surges.

The U.S. has offered naval escorts for tankers attempting the strait and up to $20 billion in shipping insurance — but JPMorgan Chase estimates the total coverage needed for all Gulf tankers exceeds $350 billion. Insurers including Lloyd's Market Association have noted shipowners are wary of U.S. escorts because, as Lloyd's marine chief Neil Roberts put it, "the U.S. is a belligerent."

President Trump said Monday he expects military operations to last four to five weeks but ruled out negotiations short of Iran's "unconditional surrender" — a posture that has given energy markets little reason for optimism.

The U.S. Strategic Petroleum Reserve has not yet been tapped According to initial reports,, and some Gulf-bound oil could be rerouted through pipelines — assuming those pipelines remain intact.

This article was generated with AI assistance using publicly available information. It was reviewed and approved by a human editor before publication. TC Sentinel uses AI writing tools in accordance with FTC guidelines.