Iran attack could drive up gas prices within days, some analysts say

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📈 Economy & Business

Iran attack could drive up gas prices within days, some analysts say 02.03.2026

ABC News

Oil prices surged over 6% on Monday, reaching approximately $77 per barrel for Brent crude, following a U.S.-Israeli attack on Iran and raising concerns about potential disruptions to the Strait of Hormuz, a critical shipping route for about one-fifth of global oil supply. Analysts warn that this geopolitical tension could drive up gasoline prices within days, potentially exceeding $3 per gallon nationally as seasonal demand increases. Experts suggest that if the conflict escalates or leads to long-term damage to oil infrastructure or transit routes, oil prices could soar above $100 per barrel, impacting the broader economy and consumers.

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