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Gas Prices in Massachusetts Spike Overnight in Response to Iran War
Strikes disrupted tanker traffic through the Strait of Hormuz, raising oil prices by up to 8.8% and increasing pump prices toward $3 per gallon, analysts said.
- On Saturday, U.S. military and Israeli military strikes on Iran triggered sharp oil market moves, with U.S. crude trading 8% higher at $72.40 and Brent rising to $79.30 amid tanker disruptions.
- The Strait of Hormuz, through which about 20% of global oil transits, is called 'the most critical oil chokepoint in the world' by Jorge Leon, senior vice president at Rystad Energy.
- Data firms Kpler and the U.K. Maritime Trade Operations Centre said tanker traffic dropped sharply, more than 150 commercial vessels dropped anchor, and at least one tanker was struck.
- Early Monday, gas prices are set to rise as oil increased $6 per barrel and wholesale gasoline up 11 cents, GasBuddy analyst Patrick De Haan said, 'I fully expect that by Monday night, you could credibly say that gas prices are being impacted by oil prices having gone up'.
- Analysts caution that sustained disruption could push prices past $80 as Dr. Jack Buffington warned, 'There's potential for oil prices to go up to $100 a barrel,' adding 'What matters is what the financial and insurance markets will accept as risk.
169 Articles
169 Articles
After decapitation, what’s next?
Over the weekend, the United States and Israel pulled off one of the most operationally impressive military campaigns in recent memory. In the span of 48 hours, they killed Iran's Supreme Leader Ayatollah Ali Khamenei, decapitated much of the country's political and military leadership, destroyed its air defenses, decimated its naval assets, and degraded significant portions of its nuclear facilities and ballistic missile capabilities. Operation…
Energy Market Disruption From Iran Conflict Flows into Gas Pumps
Take a deep breath. Since Israel and the United States began striking Iran in the early hours of Saturday, ship traffic in the Strait of Hormuz, passage to a fifth of the world’s daily crude supply, has come close to a halt amid Tehran’s threats to attack vessels. After a drone attack on Monday, Aramco suspended operations at Saudi Arabia’s largest refinery, a key export hub that processes 550,000 barrels of oil per day. The same day in Qatar, a…
The Toronto Star
The Latest: War engulfs the Middle East as markets drop and oil prices spike
U.S. President Donald Trump said “someone from within” Iran’s government might be best suited to take power once the U.S.-Israeli war on the country ends.
What Trump’s war on Iran means for the US energy crunch
President Donald Trump arrives at the White House as joint US-Israeli military strikes on Iran continue. Washington, DC, on March 1st, 2026. | Photo: Getty Images Fuel prices surged after the Trump administration launched strikes against Iran on Saturday, immediately raising questions about whether the war would increase energy costs for Americans, put more pressure on power grids, and push companies to pump out more oil and gas in the US. If c…
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