DeHaan: Iran Escalation Does Not Have Negative Impact On Oil Prices

After Iran boarded a British oil vessel in the Strait of Hormuz, many feared oil prices would rocket up because of the escalation of tension in that part of the world. However oil prices did not move higher.

Actually, according to Patrick DeHaan with GasBuddy.com, oil prices fell roughly four dollars a barrel down to $56 in the past week. He said analysts, rather than focus on Iran, were surprised by the latest news coming from the U.S.

“Taken aback by the fact that U.S. oil inventories saw a smaller than expected decline last week…Not only that, but there’s some more disappointing news between the U.S. and China, in trade talks that continue to drag on. President Trump suggesting that talks are progressing, but the two countries remain very far away from a deal.”

DeHaan said the expectation is the oil prices will hold steady in the foreseeable future, allowing for a little more relief at the pump compared to the first half of our summer.

As far as the diesel prices are concerned, the national average for a gallon of diesel fell one cent this week to $3.00, while Washington’s rate also doped a penny to $3.30, and Oregon’s average for a gallon of diesel slipped two cents down to $3.18.

What do local diesel prices look like?