March 2, 2026
Gas prices could jump as Middle East tensions threaten global oil supply
Gas prices could rise 25-50 cents per gallon as Middle East tensions threaten global oil supplies after strikes on Iran killed Supreme Leader Khamenei.
TL;DR
- Joint U.S.-Israeli strikes on Iran killed Supreme Leader Ayatollah Ali Khamenei, raising concerns about Tehran's response and potential oil supply disruptions.
- Economists predict a short-term increase of 25 to 50 cents per gallon in U.S. gas prices.
- Oil prices have already risen $5 per barrel and wholesale gasoline prices by 11 cents per gallon.
- The Strait of Hormuz, through which approximately 25% of global oil trade passes, is a key vulnerability.
- Maersk has suspended vessel crossings through the Strait of Hormuz due to growing concerns.
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