Gas prices likely to rise 'very quickly' as oil surges amid Iran war

Core Insights - Gasoline prices have risen to just under $3 per gallon due to surging oil prices amid escalating conflict in the Middle East [1][5] - Analysts predict further increases in gasoline prices, potentially by $0.10 to $0.30 per gallon this week, influenced by seasonal shifts to cleaner gasoline and ongoing geopolitical tensions [2] Oil Market Dynamics - Oil prices have sharply increased in response to US-Israel attacks on Iran, with shipping activity through the Strait of Hormuz significantly impacted due to heightened war-risk insurance premiums [3] - If vessel passage through the Strait of Hormuz is restricted for 3 to 4 weeks, Brent oil prices could exceed $100 per barrel, as approximately 20% of global oil flows transit this chokepoint [4]