(TNND) — U.S. military strikes on Iran are sending shockwaves through global energy markets, raising concerns about higher gas prices for American drivers.
Oil prices jumped following the strikes, as investors reacted to escalating tensions in the Middle East. Brent crude, the international benchmark, climbed to around $73 per barrel, while U.S. benchmark West Texas Intermediate traded above $67. Analysts say continued instability in the region could push prices even higher.
The concern centers on the Strait of Hormuz, a narrow waterway between Iran and Oman that carries roughly 20% of the world’s oil supply. Any disruption to shipping through the strait could significantly tighten global oil supplies and send prices surging.
Energy analysts say even a modest rise in crude oil can quickly translate into higher prices at the pump. For every $5 to $10 increase in oil prices, drivers could see gasoline climb by roughly 15 to 25 cents per gallon.
The national average for gas currently sits near $3 per gallon. Experts say that could rise to between $3.10 and $3.20 in the coming weeks if oil prices remain elevated. A broader regional conflict or disruption to energy infrastructure could lead to steeper increases.
So far, U.S. officials have indicated there are no immediate plans to release oil from the Strategic Petroleum Reserve. Meanwhile, global oil producers could step in to boost supply if tensions escalate.
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For now, markets remain volatile, and analysts say the trajectory of gas prices will largely depend on whether the conflict intensifies or stabilizes in the days ahead.