Crude spikes more than 10% as energy markets react to escalating military conflict

Oil prices jumped sharply when global markets opened Sunday following the U.S. and Israeli attacks on Iran, with double-digit gains before easing slightly on Monday.

U.S. crude rose more than 10% at the start of trading and was hovering around $71.97 per barrel by Monday. Brent crude surged as much as 13% overnight and was trading near $78.46 a barrel. This would translate into higher gasoline prices at the pump. 

Energy markets had already been climbing in recent months. Oil prices are up roughly 17% this year amid President Donald Trump’s intensified rhetoric toward Iran and expanded U.S. sanctions targeting the Iranian government, as reported by NBC 4 Los Angeles.

Analysts say the spike could quickly translate into higher prices at the pump. Retail gasoline prices typically increase by about 2.5 cents per gallon for every $1 rise in crude oil, meaning consumers could soon see an increase of nearly 13 cents per gallon.