Florida's gasoline prices skyrocketed by 40 cents per gallon during the week ending May 3, rising from $3.94 on Monday to $4.34 by Sunday, as reported by AAA - The Auto Club Group.
This Sunday average marks the highest daily price recorded in the state since July 2022, nearing a four-year peak.
The immediate catalyst was a 13% surge in crude oil prices and a 46-cent jump in gasoline futures, driven by ongoing tensions with Iran and uncertainty surrounding the closure of the Strait of Hormuz.
AAA spokesperson Mark Jenkins warned, "The ongoing conflict with Iran and the uncertainty linked to the Strait of Hormuz closure continue to exert upward pressure on fuel prices, with no clear signs of relief."
Since the onset of the conflict with Iran, the average price in Florida has increased by $1.46 per gallon, rising from $2.88 to $4.34, adding roughly $22 to the cost of filling a standard-sized gasoline tank.
Worse might still be on the horizon: based on further movements in the futures market — where U.S. crude climbed another 8% and gasoline futures added 13 more cents the previous week — AAA anticipates another potential price increase, albeit not as drastic as the previous week's surge.
The national average gas price in the United States reached $4.457 per gallon this Monday, according to AAA data.
Florida's priciest metropolitan markets are West Palm Beach-Boca Raton ($4.50), Naples ($4.41), and Gainesville ($4.40), while the most affordable are Pensacola ($3.96), Crestview-Fort Walton Beach ($3.99), and Panama City ($4.00).
Geopolitical Tensions and Oil Price Spike
The geopolitical backdrop to this price escalation is the blockade of the Strait of Hormuz, a route through which 20% of the world's oil supply, approximately 20-21 million barrels daily, passes.
Iran closed the passage on March 4, 2026, in retaliation for Operation Epic Fury, the coordinated attacks by the United States and Israel on Iranian nuclear facilities launched on February 28.
The blockade caused a 97% collapse in naval traffic, leaving over 2,000 vessels stranded and shooting Brent crude prices from $67 to over $126 per barrel.
This Monday, Trump ordered a military operation to force the passage of merchant ships trapped in the strait, while Iran threatened to attack any vessel attempting to cross.
Prices in Florida had already peaked at $4.198 per gallon on April 7, with isolated cases such as a Miami Beach station charging $5.39 per gallon, before temporarily dropping to $3.94 on April 27 due to a fragile truce that did not last.
Inflation in the United States has grown alongside the conflict, and analysts project gasoline prices could surpass $4.80 or even $5.00 per gallon nationwide if the situation escalates further.
Treasury Secretary Scott Bessent estimated a potential drop to around $3 per gallon in the summer if the Strait of Hormuz is fully reopened, although analysts are skeptical of this scenario due to ongoing insurance and security risks in the area.
Frequently Asked Questions About Florida's Gas Price Surge
Why did gas prices in Florida increase by 40 cents?
Gas prices in Florida increased due to a 13% surge in crude oil prices and a 46-cent rise in gasoline futures, fueled by ongoing conflicts with Iran and uncertainties around the Strait of Hormuz closure.
What impact does the Strait of Hormuz blockade have?
The blockade of the Strait of Hormuz has significantly disrupted global oil supply, contributing to a sharp increase in oil prices. This passage is crucial as it channels about 20% of the world's oil supply.
Could gas prices in the U.S. rise further?
Yes, analysts predict that gasoline prices could exceed $4.80 or even $5.00 per gallon nationwide if the geopolitical situation worsens.