Persian Gulf tensions drive Bay Area gas prices higher

The price increases follow overnight strikes by the U.S. military against Iran and the reinstatement of a naval blockade. 

President Donald Trump vowed to maintain the blockade until Iran engages in serious negotiations. In response, Iranian officials stated they will continue attacking neighboring countries and block energy exports from leaving the region.

Because petroleum products trade on a global market, local consumers will feel the impact of these international tensions.

"Regardless of how much oil the U.S. produces, if the price of crude goes way up again, due to the war and due to the limited supply, we are going to end up paying more at the pump," said Severin Borenstein, economist and professor at UC Berkeley's Haas School of Business.

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