Too early to say whether tensions with Iran will lead to higher gas prices here

Escalating tensions between Iran and the United States weren’t expected to cause a big spike in Chicago gas prices — at least not immediately. | File photo

Escalating tensions between Iran and the United States weren’t expected to cause a big spike in Chicago gas prices — at least not immediately.

“I can’t eliminate the fact that a station raised its price today, but it’s likely not [due to] what’s going on,” Patrick DeHaan, head of petroleum analysis for Boston-based GasBuddy, said Friday.

“So far, the response in oil and gasoline prices has been fairly muted,” he said, noting the price of oil was up a modest 3 percent near the end of trading Friday.

Of far greater concern, is how Iran responds, DeHaan said. The Middle Eastern country has vowed “harsh retaliation” for a U.S. airstrike near Baghdad’s airport that killed Gen. Qassem Soleimani, the head of Iran’s elite Quds Force.

Industry experts will be watching for anything that significantly disrupts the flow of oil out of the Middle East, DeHaan said.

The average price of a gallon of gas in the Chicago area Friday was $2.83, down a penny from Thursday. The national average of $2.59.