Combined dispatches

Fuel prices for regular-grade gasoline jumped nearly 70 cents in the Mahoning Valley since hostilities erupted among the United States, Israel and Iran.

Average diesel prices were $1.353 higher per gallon.

AAA reported the average price for regular gas was $3.429 per gallon on Monday in the Youngstown-Warren region. A month ago, a gallon of the same grade was $2.735. Monday’s regional average for diesel was $4.885 compared with $3.532 during the same period.

The attack by American and Israeli forces against its longtime antagonist started Feb. 28.

In its dispatches Monday, the Associated Press said, “Fears of a global energy crisis persisted, even as a small number of ships passed through the Strait of Hormuz, a vital waterway through which a fifth of the world’s oil is usually transported.”

AP went on to report that “Iranian strikes on commercial ships in and around the strait, and even just the threat of those attacks, have slowed shipping there to a trickle.”

Crude oil prices play a major role in what drivers pay at the pump, and prices have surpassed the $100 per barrel mark multiple times in recent days.

To help offset rising prices, the U.S. announced it will release 172 million barrels of oil from its strategic reserves over four months. The move is part of a broader effort by the International Energy Agency to release a total of 400 million barrels of oil, the largest emergency release in its history.

According to new data from the Energy Information Administration, gasoline demand increased last week from 8.29 million barrels per day to 9.24 million.

Statewide, the average for regular gas is $3.402 per gallon, while the national average on Monday was $3.718. Truckers and motorists pumping diesel paid approximately 11 cents under the national rate of $4.988.

The following prices are the countywide averages on Monday, according to AAA: Columbiana County reported the lowest area price at $3.415 per gallon, followed by Trumbull ($3.428), Mahoning ($3.429) and Ashtabula ($3.463).

At 443.1 million barrels, U.S. crude oil inventories are about 2% below the five-year average for this time of year.