Israel attacking Iran could cost you at the pumps this summer
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Israel launched a series of attacks against Iran. Israel claims the move was absolutely necessary for its survival. Iran says the move was a violation of its sovereignty. American drivers, however, will feel the impact of the conflict at the gas pumps.
Experts see crude oil jumping and gas prices rising as Israel launches huge attacks on Iran
Patrick De Haan goes by GasBuddyGuy on X and bills himself as “America’s best-known gas price expert. In his 18 years of petroleum analysis, he’s appeared on major news outlets like CNN, CNBC, and Fox Business multiple times. So, yeah, he seems to have his finger on the pulse of American gas prices. De Haan says the conflict between Israel and Iran will almost certainly drive gas prices up in the short term.
He took to X to post a prediction this morning. “Gas prices will likely start to rise across much of the country later this evening in response to Israel’s attacks on Iran, which have caused oil prices to surge,” De Haan posted. “For now, I expect the rise to be noticeable, but limited. Approx 10-25c/gal thus far, but this could change.”
De Haan also looked back at the impact on oil and gas prices after Russia launched its unprovoked invasion of Ukraine. “Conflicts involving oil producers likely would have noticeable impacts on gas prices. 3 years ago today, they peaked over $5 due to the combination of conflict with a leading oil producer (Russia) and COVID easing.”
The so-called GasBuddyGuy isn’t alone in that assessment, either. BBC Business Reporter Jonathan Josephs highlighted a “jump” in the price of crude oil after Israel attacked Iran. “As I write, benchmark Brent Crude is up just over 7% at almost $73 a barrel,” Josephs said. He did add, though, that the jump is “a lot less than the 13% we saw earlier.” Josephs said that the bump will likely keep pace with how long the Middle Eastern tensions last.
Iran is one of the top 10 oil-producing countries by volume. Last year, Iran exported nearly 142 million barrels of oil in Q1 2024 alone, per the FDD. That was a 28% increase over the previous year. Oil is inextricably tied to the country’s ability to pay the bills, and, as the strikes indicate, quick to impact gas prices in the United States.
