Experts issue warning about how much gas prices will rise after Trump’s Iran strikes

Concerns are rising over global oil supplies following the recent U.S. military strike on Iran, which targeted three nuclear facilities using powerful bunker buster bombs. The attack, ordered by former President Trump, has escalated tensions in the already volatile Middle East.

Iran responded by launching missiles at U.S. military bases in Qatar and Iraq. As the situation unfolds, attention has turned to the Strait of Hormuz—a critical waterway for global oil transport, handling about 20% of the world’s oil supply.

There are growing calls within Iran to shut or limit access to the Strait. Iran’s state media reported that its parliament has supported such a move. This potential action has alarmed global markets and energy experts.

U.S. Secretary of State Marco Rubio warned that restricting the Strait would harm Iran economically, particularly in trade with China, its largest partner. Nonetheless, even the threat of disruption is already affecting oil prices.

Following the attack, oil prices spiked by 4% and stock futures fell, signaling investor anxiety. The markets had just begun stabilizing after earlier economic turbulence caused by Trump’s tariffs.

Experts predict further price increases. Andy Lipow from Lipow Oil Associates said gas prices in the U.S. could rise by as much as 75 cents per gallon if exports through the Strait are halted.

While experts like Patrick De Haan anticipate moderate increases, the ultimate impact depends on Iran’s next steps. Any drastic move could provoke further military responses and worsen the conflict.