One analyst predicting that prices at the pump might hit $3.85 per gallon on Monday as war enters third week
US oil prices could see another day of wild fluctuation as the US-Israel campaign against Iran extends into a third week, with one analyst predicting that prices at the pump might hit $3.85 per gallon on Monday.
Petroleum prices have spiraled upward as the broadening conflict has imperiled oil and gas production infrastructure in the region. On Friday, the US conducted strikes on Kharg Island, an essential oil processing hub in Iran. Tehran, meanwhile, continues to block ships from passing through the strait of Hormuz, where a fifth of the international oil supply typically passes through.
Brent crude, the international benchmark, increased to $106 per barrel early Monday but soon dipped to $103 a barrel. After briefly hitting $100 per barrel on Sunday, US crude was down to $94 by mid morning.
Patrick De Haan, a leading petroleum analyst, said on Monday that the average US cost of gasoline could reach $3.80 to $3.85 per gallon and that “$4 is still possible, but not just yet”. Diesel, a heavier gas used by trucks and trains, could reach from around $5.05 to $5.15 per gallon countrywide.
