GRAND RAPIDS, Mich. — A delay in reaching a peace deal with Iran has once again caused oil prices to rise, and drivers will likely be paying more at the pump after seeing some relief over the weekend.
GasBuddy analyst Patrick De Haan says the situation is unlikely to stabilize until a permanent agreement is reached.
"It appears until there is a permanent deal in place, we're going to be on this roller coaster ride, and gas prices are likely to remain $4 a gallon, and we still could be record-setting later this summer," De Haan said.
Oil prices climbed by the hour early Monday after another weekend passed without a deal. De Haan expects that trend to continue, as Iran has openly debated quitting negotiations and closing the Strait of Hormuz.
One bright spot in the otherwise volatile market is diesel, which has been falling faster than gasoline — down about 50 cents from where it peaked in mid-May.
De Haan says the path of oil prices remains almost entirely tied to U.S.-Iran relations.
"I would say that 90% of where the market's going is heavily influenced by any developments between the US and Iran, whether good or bad, and like we've been experiencing for the last three months, that is going to be continuing to drive prices, whether up or down," De Haan said.
With no peace deal on the horizon and oil prices reflecting that uncertainty, De Haan advises drivers to fill up now before gas prices catch up later this week.
Gas prices vary across West Michigan counties, according to GasBuddy data collected Tuesday morning.
Here is a breakdown of prices by county:
- Kent County: $4.48 per gallon
- Muskegon County: $4.34 per gallon
- Ottawa County: $4.18 per gallon
- Kalamazoo County: $4.46 per gallon
GasBuddy predicts prices will cycle up this week as oil prices rose following no news of a peace deal over the weekend. Drivers who can fill up now may save extra money at the pump.
Read more stories from the FOX 17 Morning News team
Do you have an idea for the Morning News team or maybe an idea for a guest segment or something for the gang to come out and try? Send them an email at mornings@fox17online.com or call 616-447-5252 and leave a message.
Follow FOX 17: Facebook - X (formerly Twitter) - Instagram - YouTube
