Will Hamas attack on Israel affect gas prices in Florida?

Jewish faith community reacts to attack on Israel

A large crowd gathered at Shalom Orlando to pray, sing and talk together following the news that Israel is officially at war with Hamas. Many came together to show support for one another.

Global supplies have not been affected by the Hamas attack on Israel over the weekend, but AAA said there could be other impacts.

"Oil and gasoline suffered big losses in the futures market, which could enable pump prices to move lower," AAA spokesperson Mark Jenkins said in a press release. "However, that could change depending on how the market responds to rising geopolitical tensions following the surprise attack by Hamas on Israel."

In the last week, gas prices in Florida are going down. On average, drivers are paying $3.48 a gallon, the lowest daily average price since July, according to AAA.

"Florida gas prices tried to swim upstream early last week, but were quickly knocked back down by week's end," Jenkins said.

Oil prices rose over the weekend due to the uncertainty of how things will unfold in Israel, Jenkins added. Specifically, the prices spiked in overnight trading after the attack, undoing some of the big decrease in oil rices from last week.

There was a 4% increase in the U.S. price of crude from Friday, but it still remains under the $90 threshold – not a big change from the last couple of weeks, AAA said.

RELATED NEWS:

All in all, it's unclear just how much of an impact the Hamas attack on Israel will have on gas prices. Both oil prices and gasoline futures plummeted last week. But unlike oil prices, gas prices have gone up a little bit since the attack.