Global oil prices exceeded $100 per barrel, raising national average gas prices nearly 50 cents.<\/p>\n
HOUSTON \u2014 Ripple effects of the U.S. and Israel\u2019s war with Iran are escalating in the energy industry, in both the oil and gas sectors.<\/p>\n
Global oil prices finally exceeded $100 per barrel over the weekend<\/a>, driving up prices at the pump. The national average gas price jumped by nearly 50 cents in the past week, according to AAA data.<\/p>\n Oil and gas companies typically thrive during high oil prices \u2014 especially because prices had remained in the $60s since April 2025 \u2014 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.<\/p>\n \u201cThey need the forward curve to increase more than the couple months that it’s already increased \u2014 increase the next six to 12 months to really mobilize capital and start drilling more wells,\u201d Jeff Nichols, head of the Energy Practice Group at Haynes and Boone LLP in Houston, told the Houston Business Journal.<\/p>\n Continue reading this story<\/a>\u00a0on the Houston Business Journal’s website.<\/p>\n