Headline Roundup • March 2nd, 2026
Will Oil Prices Rise Due to Conflict with Iran?
Summary from the AllSides News Team
Oil and gas prices saw a surge after the US strikes on Iran, but analysts have different perspectives about the potential long-term costs.
Increased Prices, No Sign of Panic: NPR (Lean Left bias) noted that global crude oil prices surged past 9% on Monday, but analysts speaking to the outlet said, "The crude market is extremely measured. I don't see panic out there." NPR also wrote that while prices rose sharply since before the US and Israel attacked Iran, it is "far from a worse-case scenario." NPR quoted an analyst from the app GasBuddy, who estimated that gasoline prices may rise by between 10 and 30 cents on average over the next few days.
Short-Term Increases: An economist speaking to Fox News (Right) said he expected gas prices to rise between 25 and 50 cents per gallon in the short term. Part of the problem Fox News pointed out is that the conflict is near the Strait of Hormuz, through which nearly one-fifth of the world's oil supply passes each day. Additionally, Iranian strikes have hit some oil facilities in the Middle East, disrupting production.
Long-Term Interruptions: The Hill (Center) reported that diesel prices are expected to increase more than regular gasoline prices, potentially worsening inflation on other goods "because shipping will become more expensive." However, some analysts suggested that a regime change could lead to lower gas prices in the long term if the future Iranian government is more friendly to the West.
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Americans could soon see higher gas prices as escalating tensions in the Middle East threaten a critical global oil choke point, raising fears of supply disruptions that could quickly reverberate across U.S. energy markets.
After joint U.S.–Israeli strikes, dubbed Operation Epic Fury, targeted Iranian sites over the weekend and killed Iran's Supreme Leader Ayatollah Ali Khamenei, concerns quickly shifted to how Tehran might respond and whether oil infrastructure or tanker traffic could become collateral damage.
Any disruption to global crude supplies could translate into higher costs for American drivers at...
The U.S.-Israel strikes on Iran have surged oil prices, and costs for consumers at the pump are expected to rise.
The price of global benchmark Brent Crude oil was at about $77 per barrel as of Monday afternoon, up from about $71 a week ago and about $66 per barrel a month ago.
Global crude oil prices briefly surged past 9% late Monday, and stocks fell temporarily as the war with Iran continued its third day.
Brent crude, the global benchmark, was trading in the high $70s on Monday morning following the effective halt of tanker traffic through the Strait of Hormuz.
That's a sharp rise from before the U.S. and Israel attacked, but far from a worse-case scenario.
