Oil prices surge after Israel attacks Iran

Oil prices jumped Friday after Israel launched a strike on Iranian nuclear and military sites and Tehran retaliated.

U.S. benchmark WTI was up Friday, increasing to about $73 per barrel from around $69 at the end of the day yesterday. 

The price increase may also be felt by drivers at the pump, but at least one oil price analyst described the impacts from the strikes as likely to be temporary.

“I am NOT worried and any impact to gas prices will be temporary,” Patrick De Haan, head of petroleum analysis at GasBuddy, wrote in a post Thursday night on social platform X.

As of Friday, gasoline prices averaged $3.13 nationally, according to AAA.

While the price of oil is lower than it has been in recent weeks, it is still well below 2022’s surge that followed Russia’s invasion of Ukraine and came along with the COVID-19 recovery.

At that time, oil prices were reaching $120 per barrel.

Iran is a significant producer of oil. Due to sanctions, it only sells to certain countries, but it still contributes to the overall global supply.