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Oil prices spiked after the U.S. and Israel attacked Iran over the weekend, threatening an almost immediate jump in gasoline prices as well, experts say.
Already, U.S. crude prices gained 6% as of Monday morning. A prolonged U.S.-Israel conflict with Iran could disrupt crude oil supplies and push prices even higher. Iran is the fourth-largest oil producer in OPEC.
The average price of unleaded gasoline in the U.S. is currently $2.997 a gallon, up 2% from a week ago, according to AAA.
If the price of oil goes up by $10 a barrel, the price of gasoline could rise by about 25 cents a gallon, according to Ken Medlock, senior director at the Center for Energy Studies at Rice University’s Baker Institute.
