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What Rising Oil Prices Could Mean for Drivers in the U.S. – The New York Times

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What Rising Oil Prices Could Mean for Drivers in the U.S. – The New York Times

The price of gasoline in the United States rose only modestly on Monday, even as oil prices climbed in response to a widening conflict in the Middle East.

If the war drags on, though, that could abruptly change.

The U.S.-Israeli attacks on Iran, and Iran’s counterattacks, have started to limit the export of oil and gas from the region, pushing global oil prices higher. West Texas Intermediate crude oil futures, the domestic oil benchmark, jumped about 6 percent on Monday to just over $71 a barrel. (The international benchmark rose about 7 percent.)

But gas prices tend to take days or weeks to respond to rising oil prices as refiners pass on expenses. So a prolonged war is certain to result in higher costs at the pump.

Dow Futures Skid; Oil, Gold Prices Rally — Live Updates

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Stock Market Today: Dow Futures Skid; Oil, Gold Prices Rally — Live Updates

Oil prices surged and global stocks skidded after U.S. and Israeli strikes on Iran sparked fears of a wider conflict across the Middle East.

Oil traders scrambled to assess the extent of the disruption, including whether any traffic could still pass through the vital Strait of Hormuz. Futures for Brent crude, the global oil benchmark, jumped nearly 10%, heading toward $80 a barrel. Natural-gas futures also rallied.

The conflict threatens to upend the global oil market and send shock waves through the world economy. Brent crude has risen in recent weeks amid concerns about a potential strike on Iran

$100 Oil Is in Play

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$100 Oil Is in Play

The deteriorating security situation in the Middle East following U.S. and Israeli attacks on Iran could send oil prices surging to $100 a barrel, according to Barclays analyst Amarpreet Singh.

“It’s an extremely fluid situation but as things stand right now, we believe we will probably test that level on Monday,” Singh wrote in a note to clients.

Fears that a regional war could choke off oil supplies from the Persian Gulf, and potentially Red Sea ports, have helped drive Brent crude futures up 19% so far this year. The international price gauge ended Friday at $72.48 a barrel.