Are GAS PRICES going up because of IRAN strikes?

Oil prices quickly climbed on Monday after the U.S. launched a series of strikes against Iran that have prompted concerns about the conflict dragging on and interrupting the world’s supply of energy.

Brent crude prices jumped above $80 a barrel on Monday as markets braced for the possibility of sustained disruptions to production and transportation of oil through the Strait of Hormuz. Prices retreated later in the day, but analysts are still broadly expecting them to settle somewhere between $80 and $100 a barrel for as long as tensions are running high.

Energy prices, particularly at the pump, have been subdued in the U.S. for months but could quickly climb if the war continues and production facilities start getting hit. Every additional $10 for a barrel of oil pushes gas prices up around 25 cents per gallon, a painful pinch point for consumers already being stung by inflation.

Gas prices climbed to a record of $5.02 a gallon in June of 2022 after Russia’s invasion of Ukraine, up from $3.53 a gallon before it. Americans were paying an average of $2.98 a gallon for gas as of Sunday, according to AAA.

#gas #oil #iran #middleeast #unitedstates

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