Consumers in the United States are beginning to feel the effects of the intensifying conflict between Israel and Iran, primarily through rising gasoline prices due to increasing oil costs. Over the weekend, Israel targeted several Iranian oil and gas facilities, including the significant South Pars natural gas field and Tehran’s main gas depot, which has contributed to a rise in global oil prices.
On Monday, oil prices in Asia saw an increase of approximately 1 percent, stabilizing around $75 per barrel. Despite this surge and last week’s overall rise of about 11 percent in oil prices, Tom Kloza, the chief market analyst from Turner, Mason & Company, indicated that the strikes have not significantly disrupted the flow of oil in the region, which remains a crucial hub for energy transit.
ClearView Energy Partners, a Washington-based research firm, predicts that the recent increase in oil prices could lead to gasoline prices rising by nearly 20 cents per gallon in the upcoming weeks. As consumers navigate this potential financial burden, the situation underscores the ongoing impact geopolitical tensions can have on everyday expenses.
While these price increases may pose challenges for American consumers, there is hope that the stability of oil supplies in the region can mitigate the extent of future rises, allowing for a more manageable economic environment despite geopolitical tensions.