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Oil prices surged about 9% Monday to roughly $83 per barrel after President Trump claimed the U.S. was reinstating a naval blockade on Iran, adding to gains already driven by renewed hostilities over the weekend.
Why it matters: Higher oil prices typically feed into higher gasoline prices, potentially pushing the national average back toward $4 per gallon.
Context: The average U.S. price was $3.87 per gallon Monday morning, per AAA data, up about 7 cents over the past week but far below the $4.56 per gallon reached in May.
