The US attacked Iran. Here's what that means for you at the gas pump.

Core Viewpoint - Oil prices are expected to rise significantly due to fears of military conflict in the Persian Gulf, particularly with U.S. and Israeli strikes on Iran potentially disrupting oil exports [1][2]. Group 1: Oil Price Predictions - Benchmark Brent crude oil prices reached a seven-month high, closing at $73 on February 27, with expectations of further increases as markets reopen [1][8]. - Barclays analysts predict crude oil prices could reach $100 per barrel due to potential supply disruptions amid escalating tensions in the Middle East [2]. - Energy analysts at Eurasia Group suggest that if the conflict continues, oil prices could increase by $5-10 above the current baseline of $73 [8]. Group 2: Impact on Gas Prices - U.S. gas prices averaged $2.98 per gallon last week, with expectations that the national average will exceed $3 per gallon for the first time this year [5]. - Analysts forecast that gas prices could rise to between $3.10 and $3.15 per gallon in the coming weeks, influenced by the situation in Iran [5]. - The impact of the conflict on gas prices will be gradual, with consumers likely to see increases measured in pennies rather than dollars by late night on March 2 [6]. Group 3: Supply Chain Concerns - The Strait of Hormuz is critical for global oil supply, with approximately 20% of daily oil passing through it; any disruption could significantly affect oil prices [7]. - Analysts note that while there have been no direct attacks on oil and gas assets yet, shipping operators are beginning to withdraw from the area, indicating potential supply chain issues [4].