US Edition
What the Israel-Iran Conflict Means for Gas Prices
MIDDLE EAST, JUN 13 – The conflict threatens to disrupt 21 million barrels of daily oil through the Strait of Hormuz, risking supply shocks and inflation increases of 0.4 percentage points per 10% oil price rise, experts say.
- Israel launched an overnight airstrike targeting Iran's nuclear program, causing oil prices to surge on June 13-14, 2025, amid tensions near the Strait of Hormuz.
- The strike followed ongoing conflicts between Israel and Iran and raised concerns about potential disruptions to shipping through the Strait, a critical route for one-fifth of global oil trade.
- Brent crude prices jumped over 7%, peaking at $78.50 per barrel overnight before settling near $74.23, while analysts noted no immediate damage to Iran's petroleum facilities or supply capacity.
- David Oxley stated a $10 rise in oil adds about 7p per gallon at the pump, but market regulation may slow this impact on households, and Patrick De Haan said he "doesn't expect this to be super impactful."
- If the conflict escalates and blocks trade routes, Goldman Sachs warned oil could exceed $100 per barrel, which could raise inflation notably; however, current disruptions seem limited and prices may stabilize if supply remains steady.
167 Articles
167 Articles
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