'Volatility' from Mideast conflict raising gas prices, says analyst, as NYC drivers fill up on gas

Record ID: 2361961

  • Title: 'Volatility' from Mideast conflict raising gas prices, says analyst, as NYC drivers fill up on gas
  • Date: 3rd March 2026
  • Summary: PADUCAH, KENTUCKY, UNITED STATES (MARCH 3, 2026) (REUTERS) (SOUNDBITE) (English) GAS BUDDY, PETROLEUM ANALYST, MATT MCCLAIN, SAYING: “I do want to stress we're not going to have a really, a supply issue in America. We make too much in-house, domestically ourselves. What we're looking at just simply is that volatility being factored into the price point overall of crude oil
  • Embargoed:
  • Keywords: Iran New York City Trump U.S.A. auto industry costs drivers gas prices gas station impact inflation oil prices pump war
  • Location: VARIOUS
  • City: VARIOUS
  • Country: US
  • Topics: Commodities Markets,Economic Events,North America
  • Reuters ID: LVA003048803032026RP1
  • Aspect Ratio: 16:9
  • Story Text: Oil prices settled up 4.7% on Tuesday (March 3), the highest since January 2025, as U.S.-Israel battles with Iran intensified, disrupting energy shipments from the Middle East and stoking fears of a longer conflict.
    At a gas station in New York City, some drivers said they had already noticed prices increasing at the pump.
    “I've seen them go up a little bit,” taxi driver Jaggi Singh told Reuters on Tuesday. “Every time there is war, gas prices do go up.”
    Petroleum analyst Matt Mcclain of GasBuddy told Reuters that gas prices were being hit so quickly “because of volatility.”
    “Markets really react badly when you have a really stressful type of a situation, especially when you have an oil rich area as the Middle East happens to be,” he said.
    McClain said the U.S. is unlikely to face a fuel supply shortage but that he expected to see gas prices rise by 20 to 55 cents a gallon in the coming days or weeks, depending on whether the conflict in Iran de-escalates.
    For now, drivers are watching prices at the pump and waiting to see where they settle next. 
    (Production: Andrew Hofstetter, Kyoko Gasha, Christine Kiernan) 
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2026. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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