Gas prices surge nationwide as new tensions spark supply fears
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Drivers across the country are starting to notice a new and frustrating pattern. What once felt like a small bump in fuel prices is quickly growing into a heavier burden.
A series of recent overseas strikes have triggered a chain reaction in the global energy market. Now, with oil costs climbing fast, Americans are bracing for even steeper prices at the pump.
Over the weekend, the US joined a military strike on Iran’s nuclear facilities. Three key sites were hit: Fordow, Natanz, and Isfahan. These strikes came shortly after Iran and Israel exchanged attacks, with concerns now rising that the entire region could be pulled into a wider conflict.
While the events are thousands of miles away, the consequences are already reaching American wallets. Global oil prices immediately reacted. In the past week, Brent Crude prices have jumped 11%, and Russian oil exports—specifically from the Urals region—have surged 26% in value.
Though the US doesn’t rely on Iran for oil, global pricing is deeply connected.
The global oil market remains fragile—Americans should expect continued volatility in fuel prices as the situation unfolds in the coming days. Image Source: Engin Akyurt / Unsplash
The heart of the concern lies in a narrow stretch of water called the Strait of Hormuz. Most of the world’s oil supply passes through it each day. Iran recently threatened to shut it down in response to the US strikes. Such a move would instantly restrict global supply and lead to even sharper increases in oil prices worldwide.
This type of uncertainty already has energy traders on edge. According to Greg Kennedy, Policy Director of the Economic Conflict and Competition Research Group at King’s College London, “Lack of clarity of how long this condition will last will also lead to hoarding or preemptive purchasing by other nations, so there are competition supply fears that will drive up prices.”
The result of such hoarding and speculation is simple: prices go up for everyone. This includes American drivers already feeling the pinch.
Also read: Trump departs G7 early amid Middle East tensions, as leaders seek clarity on US position
Kennedy emphasized that the impact isn’t just regional. “This is not an act that just stays in the Gulf region, it has wider global strategic ripples.”
Experts agree that oil price spikes won’t just affect fuel. Costs for shipping, manufacturing, and even food and airline tickets could also rise as fuel becomes more expensive. Even temporary calm can’t fully settle the market.
Last Friday, oil prices briefly steadied after new Iran-related sanctions raised hopes for diplomatic talks. But after Iran’s warnings about the Strait, prices began rising again. This wave of tension is also indirectly fueling other conflicts.
Kennedy explained that the price hike is giving Russia a financial advantage in its ongoing war.
Also read: A terrifying attack in Boulder leaves community shaken—what we know so far
He stated, “This is making war in Ukraine last longer now as well as it gives [President Vladimir] Putin both political and economic ammunition to continue his war efforts and avoid the need for peace talks.” With higher oil prices, Russia generates more revenue, allowing it to further fund its operations in Ukraine. This shows how energy costs can tie into broader geopolitical strategies, far beyond the original conflict.
Meanwhile, back home, many Americans are already adjusting their routines. Fueling up early, bundling errands, and cutting back on driving are some of the ways drivers are preparing for even higher prices. Still, no one can predict exactly what will happen next.
Iran’s response—whether military or diplomatic—could determine whether oil prices stabilize or skyrocket. Kennedy’s warning remains clear. “The overall impact of actions that make the world look even less safe than it was previously was is always a cost to the civilian sector and society as a whole.”
For now, the global oil market remains fragile. Americans should expect continued volatility in fuel prices as the situation unfolds in the coming days.
Read next: Trump’s new tariffs send oil prices plunging into negative territory
Have you seen gas prices go up near you? Are you cutting back on travel or changing how often you drive? Let us know your thoughts and strategies in the comments below.
A series of recent overseas strikes have triggered a chain reaction in the global energy market. Now, with oil costs climbing fast, Americans are bracing for even steeper prices at the pump.
Over the weekend, the US joined a military strike on Iran’s nuclear facilities. Three key sites were hit: Fordow, Natanz, and Isfahan. These strikes came shortly after Iran and Israel exchanged attacks, with concerns now rising that the entire region could be pulled into a wider conflict.
While the events are thousands of miles away, the consequences are already reaching American wallets. Global oil prices immediately reacted. In the past week, Brent Crude prices have jumped 11%, and Russian oil exports—specifically from the Urals region—have surged 26% in value.
Though the US doesn’t rely on Iran for oil, global pricing is deeply connected.
The global oil market remains fragile—Americans should expect continued volatility in fuel prices as the situation unfolds in the coming days. Image Source: Engin Akyurt / Unsplash
The heart of the concern lies in a narrow stretch of water called the Strait of Hormuz. Most of the world’s oil supply passes through it each day. Iran recently threatened to shut it down in response to the US strikes. Such a move would instantly restrict global supply and lead to even sharper increases in oil prices worldwide.
This type of uncertainty already has energy traders on edge. According to Greg Kennedy, Policy Director of the Economic Conflict and Competition Research Group at King’s College London, “Lack of clarity of how long this condition will last will also lead to hoarding or preemptive purchasing by other nations, so there are competition supply fears that will drive up prices.”
The result of such hoarding and speculation is simple: prices go up for everyone. This includes American drivers already feeling the pinch.
Also read: Trump departs G7 early amid Middle East tensions, as leaders seek clarity on US position
Kennedy emphasized that the impact isn’t just regional. “This is not an act that just stays in the Gulf region, it has wider global strategic ripples.”
Experts agree that oil price spikes won’t just affect fuel. Costs for shipping, manufacturing, and even food and airline tickets could also rise as fuel becomes more expensive. Even temporary calm can’t fully settle the market.
Last Friday, oil prices briefly steadied after new Iran-related sanctions raised hopes for diplomatic talks. But after Iran’s warnings about the Strait, prices began rising again. This wave of tension is also indirectly fueling other conflicts.
Kennedy explained that the price hike is giving Russia a financial advantage in its ongoing war.
Also read: A terrifying attack in Boulder leaves community shaken—what we know so far
He stated, “This is making war in Ukraine last longer now as well as it gives [President Vladimir] Putin both political and economic ammunition to continue his war efforts and avoid the need for peace talks.” With higher oil prices, Russia generates more revenue, allowing it to further fund its operations in Ukraine. This shows how energy costs can tie into broader geopolitical strategies, far beyond the original conflict.
Meanwhile, back home, many Americans are already adjusting their routines. Fueling up early, bundling errands, and cutting back on driving are some of the ways drivers are preparing for even higher prices. Still, no one can predict exactly what will happen next.
Iran’s response—whether military or diplomatic—could determine whether oil prices stabilize or skyrocket. Kennedy’s warning remains clear. “The overall impact of actions that make the world look even less safe than it was previously was is always a cost to the civilian sector and society as a whole.”
For now, the global oil market remains fragile. Americans should expect continued volatility in fuel prices as the situation unfolds in the coming days.
Read next: Trump’s new tariffs send oil prices plunging into negative territory
