What the Israel-Iran conflict means for gas prices
CNN
Israel’s unprecedented attack on Iran raises the specter of sharply higher gasoline prices, just as the summer driving season heats up.
Israel’s unprecedented attack on Iran raises the specter of sharply higher gasoline prices, just as the summer driving season heats up. Up until now, pump prices had been low and stable. Relatively cheap gas prices have helped drive down inflation and offset consumer concerns about sky-high tariffs. While gas prices tend to rise mildly during the warmer months as people begin their summer vacations, everything has changed since Israel’s stunning strikes on Iran – an attack that Tehran has vowed to respond to. Analysts say the severity of that Iranian response, and whether it derails the flow of oil out of the Middle East, will help determine just how gasoline prices go. Oil prices immediately spiked as the market braced for a wider conflict, one that endangers the region’s critical energy supplies. US crude spiked as much as 14% overnight, before pulling back. As of midday on Friday, crude was up 6%, on track for its biggest one-day increase since April 2023. For the week, oil has surged by about 12%, the most since October 2022 when OPEC sharply cut oil production. “We’re still at the tip of this situation, but Iran calling the strikes a declaration of war doesn’t bode well for the flow of oil,” said Patrick De Haan, vice president of petroleum analysis at GasBuddy, a fuel tracking platform.
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