Oil prices surged on March 2 following joint strikes by the United States and Israel against Iran, with crude oil rising 6.2% to approximately $71 a barrel and Brent crude gaining 7.2% to about $78 a barrel. Analysts describe this as a "risk premium" layered onto an already tightening seasonal market, rather than a structural supply shock, and anticipate the conflict to be limited in duration, potentially up to four weeks. While prices remain below the highs seen during the Russia-Ukraine conflict, a prolonged disruption to the Strait of Hormuz could push prices above $100 per barrel. Global producers, including OPEC+ and U.S. corporations, are expected to compensate for any supply void, though Venezuela's production cannot fill the gap left by Iran's more than 3 million barrels per day. U.S. consumers can expect marginal increases of 10-30 cents per gallon in gas prices within the next few days.