Global oil prices exceeded $100 per barrel, raising national average gas prices nearly 50 cents.
HOUSTON — Ripple effects of the U.S. and Israel’s war with Iran are escalating in the energy industry, in both the oil and gas sectors.
Global oil prices finally exceeded $100 per barrel over the weekend, driving up prices at the pump. The national average gas price jumped by nearly 50 cents in the past week, according to AAA data.
Oil and gas companies typically thrive during high oil prices — especially because prices had remained in the $60s since April 2025 — but with uncertainty surrounding how long the war could last, oil companies are unlikely to take advantage of the high prices with new capital spending.
“They need the forward curve to increase more than the couple months that it’s already increased — increase the next six to 12 months to really mobilize capital and start drilling more wells,” Jeff Nichols, head of the Energy Practice Group at Haynes and Boone LLP in Houston, told the Houston Business Journal.
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