US oil prices could see another day of wild fluctuation as Iran war drags on

Oil Prices and Market Impact - US oil prices are experiencing significant fluctuations due to the ongoing US-Israel campaign against Iran, with predictions that gasoline prices could reach $3.85 per gallon [1][3] - Brent crude prices rose to $106 per barrel before settling at $103, while US crude fell to $94 after briefly hitting $100 [2] - The average cost of gasoline in the US has increased by 23% since late February, now sitting at $3.70 per gallon, with some regions like California exceeding $5 per gallon [4] Company Responses and Concerns - Executives from major oil companies, including Exxon, Conoco, and Chevron, have expressed concerns to the White House about potential worsening conditions in the strait of Hormuz, which could lead to further price increases [6] - Darren Woods, CEO of Exxon, indicated that supply issues with refined oil and gas could drive prices higher, and speculators may exacerbate the situation [6] Market Reactions - Fluctuating oil prices have led to a jittery Wall Street, with the S&P 500 initially rising by about 1% following news of lower oil prices [5] - Despite minor fluctuations in top oil company stocks, overall shares have reached all-time highs since the conflict began [5]