Higher gas prices are likely coming to the pump after oil prices surge in wake of U.S. strikes in Iran
NBC News
The price of oil surged Sunday after U.S. and Israeli strikes on Iran, which killed its supreme leader.U.S.
The price of oil surged Sunday after U.S. and Israeli strikes on Iran, which killed its supreme leader.
U.S. crude oil soared more than 7%, while Brent, the international oil benchmark, surged 8% in early evening trading.
Even before the weekend's escalation, oil prices had risen 17% this year off President Donald Trump’s ramped-up rhetoric against the Iranian regime. The Trump administration has also ratcheted up sanctions on Iran in recent months.
Retail gas prices move about 2.5 cents for every $1 move in the price of crude oil, so already a 20 cent-per-gallon increase could be on the horizon. Price hikes at the gas pump could start as soon as Monday, GasBuddy analyst Patrick De Haan said.
"I fully expect that by Monday night, you could credibly say that gas prices are being impacted by oil prices having gone up," he said.
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