American drivers may soon see steeper prices at the pump as tensions between the US and Iran push oil costs higher, experts warn.
The conflict has caused crude oil prices to surge, with West Texas Intermediate (WTI) jumping 6.2% on Monday to $71.19 per barrel.
Brent crude, the international benchmark, climbed nearly 9% to $79.31 per barrel, reaching its highest level in over a year.
Gasoline prices in the US could increase as early as this week. Patrick De Haan, petroleum analyst at GasBuddy, said, "Most drivers should prepare for gradual increases this week. Low-priced stations will likely move first and more visibly."
Some gas stations could add as much as 30 cents per gallon by week's end, he added.
On Monday, the national average for unleaded gasoline was about $3 per gallon, roughly 20 cents higher than early January, according to AAA.
Price increases are already appearing in several states, including Illinois, Indiana, Michigan, Ohio, and Texas.
Analysts warn that a prolonged US-Iran conflict could further disrupt crude oil supply, potentially pushing gasoline costs even higher.
According to CNBC, Ken Medlock, senior director at the Center for Energy Studies at Rice University's Baker Institute, said, "If the price of oil goes up, the price of gas goes up in lockstep. Within a week, everyone is going to be paying a little more than they are right now."
Gas prices are set to rise amid U.S.-Israeli war with Iran. Here's what you could pay at the pump.
— CBS Sacramento (@CBSSacramento) March 2, 2026
https://t.co/qCbBfUokrW
Gas Price Surge Threatens Consumer Spending
While higher gas prices strain household budgets, there are factors that could provide relief.
Energy Secretary Chris Wright noted that new oil imports from Venezuela are arriving in the US, which could help stabilize prices. "Absolutely, it helps push gas prices down. More Venezuelan crude coming into the United States helps keep gasoline and diesel prices down," Wright told CBS News.
Economists caution that rising oil prices could also impact broader inflation.
Nigel Green, CEO of De Vere Group, explained, "Even if core measures exclude food and fuel, sustained oil increases tend to bleed into transportation, logistics, manufacturing input costs and, ultimately, consumer prices."
Mark Zandi, chief economist at Moody's, added that higher gasoline prices could hurt consumer sentiment, limiting spending and affecting the economy.
The situation is further complicated by the strategic importance of the Strait of Hormuz, a key oil corridor between Oman and Iran. Any disruption there could push crude prices above $100 per barrel.
Amy Myers Jaffe, director of the Energy, Climate Justice and Sustainability Lab at NYU, said, "Dealers tend to be fast to go up and slow to come down," signaling that gasoline prices could rise quickly even if crude costs eventually fall.
Originally published on vcpost.com
