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(CNN) - If you’re planning a summer road trip, the conflict between Israel and Iran might affect you.
Analysts said U.S. gas prices are likely to climb higher, starting this week, as the conflict intensifies.
An analyst for Gas Buddy predicts prices could rise more than 30 cents a gallon by July Fourth due to the skyrocketing cost of oil.
“Any kind of conflict going on in the Middle East, or particularly if it escalates, is going to lead to rising oil prices, which will lead to inflationary pressures in the U.S.,” said Natasha Lindstaedt, a professor of government at the University of Essex.
Some oil infrastructure appears damaged, such as in Haifa, home to Israel’s largest refinery, as the two sides exchange strikes.
And Iran is one of the top oil producers in the world.
“They went after oil storage and oil refineries in those depots, as well as, of course, the targeting of gas facilities in Iran’s south,” said Benham Ben Taleblu, senior director of the Foundation for Defense of Democracies’ Iran Program.
Analysts said it’s good that U.S. gas prices were relatively mild before the conflict began.
Rystad Energy said the oil market’s reaction could be “contained and temporary” if Iran focuses on military targets.
Experts said gas prices would rise much more if it went after the Strait of Hormuz. Goldman Sachs predicted an extended disruption there would push oil prices past $100 a barrel.
That’s because core OPEC countries need the waterway in order to ramp up production.
“There’s every single day 21 million barrels of oil that flows through the Strait of Hormuz,” CNN’s business and economy reporter Matt Egan said. “It’s about a fifth of what the world consumes.”
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News Source : https://www.walb.com/2025/06/18/gas-prices-could-jump-30-cents-gallon-by-july-fourth-analysts-say/
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