Oil prices are surging as the ongoing conflict between Israel and Iran escalates, raising immediate concerns for consumers worldwide. Following a series of missile strikes exchanged between the two nations, analysts predict significant disruptions in oil supply, which could lead to soaring gas prices in the coming weeks.

In a shocking turn of events, Iranian missiles targeted an Israeli oil refinery, prompting retaliatory strikes from Israel on Iranian facilities. As tensions rise, oil prices spiked by nearly $9 per barrel last week, settling just over $5 higher by the end of the trading day. Experts warn that if hostilities continue, the market could see oil prices rally another $5, pushing both West Texas Intermediate (WTI) and Brent crude oil towards the $80 mark.

Dr. Peter Earl from the American Institute for Economic Research emphasized the potential impact on consumers, stating, “Gas prices are expected to increase by 10 cents per gallon, with diesel prices rising 15 to 20 cents.” The ramifications are dire as rising oil prices threaten to stoke inflation, complicating the Federal Reserve’s efforts to manage interest rates.

While Iranian oil exports currently account for a small fraction of global supply, the geopolitical stakes are high. If the conflict expands or affects key shipping routes like the Strait of Hormuz, we could witness a dramatic spike in oil prices, potentially reaching $100 per barrel.

As the situation develops, consumers should brace for higher fuel costs and prepare for a turbulent economic landscape. The world watches closely as the conflict unfolds, with the potential for broader implications on global energy markets looming ominously on the horizon.