AAA: Florida Gas Prices Up 7 Cents Amid Growing Mideast Tensions

Fear of escalating tension in the Middle East over Irans nuclear program is in part resulting in gas prices jumping to $3.75 a gallon, on average, across Florida -- up 7 cents from a week ago --according to AAA.

Concern and fear are driving the market at this time and pushing oil prices to nearly $110 a barrel, resulting in record-breaking pump prices for this time of year, Jessica Brady, AAA spokeswoman, stated in a release.

This is happening at a time when reports show a slow but steady global economic recovery. However, the increased cost of gas could have a negative impact on the economic turnaround as it eats into more consumers disposable income.

Unfortunately, were not expected to see relief at the pump anytime soon; instead, prices are expected to increase well into spring and summer.

According to a release from AAA:

Tensions with Iran continue to escalate and heighten the fear of another war in the Middle East. Despite increased sanctions to dismantle Irans nuclear program, the country is said to have tripled its quarterly rate of producing 20 percent-enriched uranium, according to the International Atomic Energy Agency.

Although some sanctions are already in place, the U.S. will impose further sanctions against financial institutions that deal with Iran in June, while sanctions from the European Union to ban imports of Iranian oil will begin in July. Iran produced nearly 3.5 million barrels of oil a day last month and is the second largest oil-producing country within the Organization of Petroleum Exporting Countries.

The price of a barrel of oil closed Friday at $109.77 on the New York Mercantile Exchange -- $6.53 more than the week prior. This is the highest settlement since May of last year.