Gas prices could jump as Middle East tensions threaten global oil supply
This affects the entire country.
Americans could soon see higher gas prices as escalating tensions in the Middle East threaten a critical global oil choke point, raising fears of supply disruptions that could quickly reverberate across U.S. energy markets.
After joint U.S.–Israeli strikes, dubbed Operation Epic Fury, targeted Iranian sites over the weekend and killed Iran’s Supreme Leader Ayatollah Ali Khamenei, concerns quickly shifted to how Tehran might respond and whether oil infrastructure or tanker traffic could become collateral damage.
Any disruption to global crude supplies could translate into higher costs for American drivers at the pump.
"Every time we've had flare-ups in the Middle East like we're seeing right now — and we've seen this kind of situation periodically over the last 50 years — it has caused significant disruption to energy markets," economist Stephen Moore told Fox News Digital.
"I would expect we could see anywhere from 25 to 50 cents a gallon increase in gas prices in the short term," he said.
TOMAHAWKS SPEARHEADED US STRIKE ON IRAN — WHY PRESIDENTS REACH FOR THIS MISSILE FIRST
Market data already shows prices moving higher.
Patrick De Haan, head of petroleum analysis at GasBuddy, said oil prices were up $5 per barrel, while wholesale gasoline prices had risen 11 cents per gallon.
He expects retail gas prices to begin climbing immediately, especially in areas where stations tend to adjust prices in sharp, periodic jumps.
The national average could hit $3 per gallon as soon as Monday, De Haan said, with some stations increasing prices by 10 to 30 cents this week and potentially more in markets that see larger price swings.
Moore warned that prices could climb further and remain elevated if vital transit routes or oil facilities are disrupted.
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"Huge amounts of global oil travel through the Strait of Hormuz, so this could be incredibly disruptive, delaying delivery of oil and gas," he said.
"The Iranians have already knocked out some oil facilities in the Middle East, and who knows what they’re up to next. When you have less supply, prices go up. The big question is whether this will be a temporary bump or something more prolonged."
The ongoing conflict sits near the Strait of Hormuz, one of the world’s most strategically important energy corridors.
"This shipping route represents around 25% of global oil trade and 23% of liquefied natural gas trade," explained Jaime Brito, executive director of refining and oil products at OPIS.
The Strait of Hormuz, a narrow shipping lane …
This affects the entire country.
Americans could soon see higher gas prices as escalating tensions in the Middle East threaten a critical global oil choke point, raising fears of supply disruptions that could quickly reverberate across U.S. energy markets.
After joint U.S.–Israeli strikes, dubbed Operation Epic Fury, targeted Iranian sites over the weekend and killed Iran’s Supreme Leader Ayatollah Ali Khamenei, concerns quickly shifted to how Tehran might respond and whether oil infrastructure or tanker traffic could become collateral damage.
Any disruption to global crude supplies could translate into higher costs for American drivers at the pump.
"Every time we've had flare-ups in the Middle East like we're seeing right now — and we've seen this kind of situation periodically over the last 50 years — it has caused significant disruption to energy markets," economist Stephen Moore told Fox News Digital.
"I would expect we could see anywhere from 25 to 50 cents a gallon increase in gas prices in the short term," he said.
TOMAHAWKS SPEARHEADED US STRIKE ON IRAN — WHY PRESIDENTS REACH FOR THIS MISSILE FIRST
Market data already shows prices moving higher.
Patrick De Haan, head of petroleum analysis at GasBuddy, said oil prices were up $5 per barrel, while wholesale gasoline prices had risen 11 cents per gallon.
He expects retail gas prices to begin climbing immediately, especially in areas where stations tend to adjust prices in sharp, periodic jumps.
The national average could hit $3 per gallon as soon as Monday, De Haan said, with some stations increasing prices by 10 to 30 cents this week and potentially more in markets that see larger price swings.
Moore warned that prices could climb further and remain elevated if vital transit routes or oil facilities are disrupted.
TRUMP PLEDGES TO 'AVENGE' FALLEN US SERVICE MEMBERS AS TENSIONS WITH IRAN INTENSIFY
"Huge amounts of global oil travel through the Strait of Hormuz, so this could be incredibly disruptive, delaying delivery of oil and gas," he said.
"The Iranians have already knocked out some oil facilities in the Middle East, and who knows what they’re up to next. When you have less supply, prices go up. The big question is whether this will be a temporary bump or something more prolonged."
The ongoing conflict sits near the Strait of Hormuz, one of the world’s most strategically important energy corridors.
"This shipping route represents around 25% of global oil trade and 23% of liquefied natural gas trade," explained Jaime Brito, executive director of refining and oil products at OPIS.
The Strait of Hormuz, a narrow shipping lane …
Gas prices could jump as Middle East tensions threaten global oil supply
This affects the entire country.
Americans could soon see higher gas prices as escalating tensions in the Middle East threaten a critical global oil choke point, raising fears of supply disruptions that could quickly reverberate across U.S. energy markets.
After joint U.S.–Israeli strikes, dubbed Operation Epic Fury, targeted Iranian sites over the weekend and killed Iran’s Supreme Leader Ayatollah Ali Khamenei, concerns quickly shifted to how Tehran might respond and whether oil infrastructure or tanker traffic could become collateral damage.
Any disruption to global crude supplies could translate into higher costs for American drivers at the pump.
"Every time we've had flare-ups in the Middle East like we're seeing right now — and we've seen this kind of situation periodically over the last 50 years — it has caused significant disruption to energy markets," economist Stephen Moore told Fox News Digital.
"I would expect we could see anywhere from 25 to 50 cents a gallon increase in gas prices in the short term," he said.
TOMAHAWKS SPEARHEADED US STRIKE ON IRAN — WHY PRESIDENTS REACH FOR THIS MISSILE FIRST
Market data already shows prices moving higher.
Patrick De Haan, head of petroleum analysis at GasBuddy, said oil prices were up $5 per barrel, while wholesale gasoline prices had risen 11 cents per gallon.
He expects retail gas prices to begin climbing immediately, especially in areas where stations tend to adjust prices in sharp, periodic jumps.
The national average could hit $3 per gallon as soon as Monday, De Haan said, with some stations increasing prices by 10 to 30 cents this week and potentially more in markets that see larger price swings.
Moore warned that prices could climb further and remain elevated if vital transit routes or oil facilities are disrupted.
TRUMP PLEDGES TO 'AVENGE' FALLEN US SERVICE MEMBERS AS TENSIONS WITH IRAN INTENSIFY
"Huge amounts of global oil travel through the Strait of Hormuz, so this could be incredibly disruptive, delaying delivery of oil and gas," he said.
"The Iranians have already knocked out some oil facilities in the Middle East, and who knows what they’re up to next. When you have less supply, prices go up. The big question is whether this will be a temporary bump or something more prolonged."
The ongoing conflict sits near the Strait of Hormuz, one of the world’s most strategically important energy corridors.
"This shipping route represents around 25% of global oil trade and 23% of liquefied natural gas trade," explained Jaime Brito, executive director of refining and oil products at OPIS.
The Strait of Hormuz, a narrow shipping lane …
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