Oil Prices Rise in Overnight Trading; Florida Gas Prices Face Uncertainty

March 2, 2026

Florida gas prices face new uncertainty this week as crude oil markets surged when trading opened Sunday night. U.S. crude oil prices climbed quickly in overnight trading and, as of press time, exceeded $71 per barrel, the highest level since June 2025.

Oil prices are rising largely due to growing instability in a region that is essential to global energy markets, according to AAA. Although the U.S. does not import oil from Iran, the country remains a major producer, supplying nations such as China and India. Any potential disruption to Iranian oil infrastructure can influence global supply expectations.

Additionally, the Strait of Hormuz, a critical chokepoint connecting the Persian Gulf to open waters, remains one of the world’s most important shipping lanes for crude. Even the possibility of reduced traffic through the strait can create ripple effects well beyond the Middle East, affecting countries regardless of how much oil they source from the region. Because oil is traded globally, a shortfall in one region can affect prices worldwide.

“AAA does not predict gas prices, and it is still too early to know how much of an impact rising oil prices will ultimately have at the pump,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “However, higher crude oil costs typically lead to higher gas prices, so we’ll be watching the market closely over the coming days.”

Seasonal Factors Also at Play

Even before the latest geopolitical developments, gas prices were already following familiar seasonal patterns. This time of year, refineries begin the switch to summer-blend gasoline, which includes more expensive additives to limit evaporation in warmer temperatures. Gas demand also tends to rise as spring break travel ramps up.

Last week, Florida gas prices followed a familiar pattern, rising early in the week before easing through the weekend. That movement was unrelated to international events and instead reflected typical price‑cycling trends seen across the state.

Florida and Local Averages

On Sunday, the average price for gasoline in Florida was $2.89 per gallon, which is one cent more than last week, two cents less than a month ago, and 20 cents less than this time last year.

In Escambia County, the average price per gallon Sunday in Escambia Count was $2.72. In Pensacola, a low of $2.49 was available Sunday night at stations on Olive Road and East Nine Mile Road. In North Escambia, the low price was $2.59 on Sunday at a station on Highway 29 in Cantonment.

Pictured: A gallon of gas was $2.69 Friday evening in Cantonment. NorthEscambia.com photo, click to enlarge.

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Written by William Reynolds · Filed Under FRONT FEATURE 

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