Oil prices rise on risk of Iranian retaliation for U.S. airstrike that killed general

There is a “distinct possibility” that escalating tensions between the United States and Iran may impact gasoline prices, a market analyst said.

Whether that happens depends on if Iran retaliates for the airstrike that killed a top Iranian general, and if that retaliation targets oil infrastructure, said Patrick DeHaan, head of petroleum analysis for the price-tracking website GasBuddy.com.

Prices usually decline in January and February because of seasonally weak demand, he said.

“For now, there’s been no physical disruption or retribution from Iran, but it has been promised,” he said. “Oil markets have risen on the rising risk of Iran retaliating, but until it happens, don’t expect gas prices to see much of a jump. For now, I could see a small 5-10 cent per gallon increase over the next couple of weeks.”

In the past week, the average price in the Pittsburgh area has increased 2.9 cents per gallon to $2.86, according to GasBuddy’s survey of 731 stations. That’s 2.8 cents per gallon higher than a month ago and 40.2 cents per gallon more than a year ago.

The national average declined 2.2 cents per gallon in the past week to $2.57. That’s 2.4 cents per gallon less than a month ago, but 34.3 cents per gallon higher than a year ago.

Neighboring areas and their current gas prices:

• Akron — $2.50 per gallon, down 13.2 cents per gallon;

• Cleveland — $2.54 per gallon, down 8.1 cents per gallon;

• West Virginia — $2.59 per gallon, down 0.5 cents per gallon.