Analysts predict impact of oil tanker attack on U.S. gas prices

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BOSTON, Mass. (WMTV) -- There is concern among U.S. motorists, traders and energy markets that overnight attacks on two oil tankers in the United Arab Emirates will increase gas prices in the U.S., according to GasBuddy, a Boston-based tech company.

However, a statement released by Patrick DeHaan, head of petroleum analysis at GasBuddy, said it is unlikely that gas prices will increase because of the attacks.

The Associated Press reported the attacks near the strategic Strait of Hormuz left one tanker ablaze and adrift as sailors were evacuated from both vessels. The U.S. Navy rushed to assist in the rescue, which comes amid heightened tensions between Washington and Tehran.

DeHaan said oil prices have seen an advance of 3-4 percent as of Thursday morning, but he believes the increase is due to concern of possible future attacks.

"The amount of oil is a tiny fraction of global daily demand, but the situation raises risk of another situation or attack in the future," DeHaan said in a statement. "That's propelling energy markets, but even then, there is nothing to suggest another attack is imminent."

The increase percentage translates to about $2 per barrel, but DeHaan said prices still remain $13 per barrel lower than 2019's high water mark.

"Gasoline supply has not changed, and today's rise in wholesale gasoline prices will be offset by previous weeks of heavy losses," he said. "It is highly unlikely gas prices will react to the situation - most states have room to see prices continue to fall, so today's small rise will simply offset large decreases that are expected to continue."

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