Global oil prices spiked following Saturday’s U.S.-Israeli attacks on Iran. Brent crude oil — the global benchmark for oil prices — jumped about 6% to $76.98 per barrel Monday, according to Yahoo! Finance. Prices for Monday were as of 1 p.m., as markets are not closed. Past military conflicts in the Middle East have not caused long-term market drops, according to the Associated Press. U.S. stock markets opened slightly down Monday morning. According to strategists at Morgan Stanley, U.S. stock markets could see significant drops if oil prices jump above $100 per barrel. The last time oil prices reached that price was in 2022.U.S. crude oil prices also saw a jump after the attack, about 5%, according to Yahoo! Finance. While U.S. oil prices did increase, barrel prices are still below the $100 threshold at $70.65 per barrel. The United States is the highest crude oil-producing country in the world, accounting for 18% of the world’s total production.Iran is the eighth-largest oil producer in the world, according to 2024 data from the Organization of Petroleum Exporting Countries. It accounts for 4.5% of the world’s oil production, which is 3.3 million barrels per day.As a result of rising oil prices, consumers can expect to see increases in gas prices. A source told CNN that retail gas could be expected to rise 5 to 10 cents per day for a little while.Use the Get the Facts Data Team’s gas price tracker to see how much it will cost you to fill your tank. The Associated Press and CNN contributed to this story.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=

WASHINGTON —

Global oil prices spiked following Saturday’s U.S.-Israeli attacks on Iran.

Brent crude oil — the global benchmark for oil prices — jumped about 6% to $76.98 per barrel Monday, according to Yahoo! Finance. Prices for Monday were as of 1 p.m., as markets are not closed.

Past military conflicts in the Middle East have not caused long-term market drops, according to the Associated Press. U.S. stock markets opened slightly down Monday morning.

According to strategists at Morgan Stanley, U.S. stock markets could see significant drops if oil prices jump above $100 per barrel. The last time oil prices reached that price was in 2022.

U.S. crude oil prices also saw a jump after the attack, about 5%, according to Yahoo! Finance.

While U.S. oil prices did increase, barrel prices are still below the $100 threshold at $70.65 per barrel.

The United States is the highest crude oil-producing country in the world, accounting for 18% of the world’s total production.

Iran is the eighth-largest oil producer in the world, according to 2024 data from the Organization of Petroleum Exporting Countries. It accounts for 4.5% of the world’s oil production, which is 3.3 million barrels per day.

As a result of rising oil prices, consumers can expect to see increases in gas prices. A source told CNN that retail gas could be expected to rise 5 to 10 cents per day for a little while.

Use the Get the Facts Data Team’s gas price tracker to see how much it will cost you to fill your tank.

The Associated Press and CNN contributed to this story.