Gas Prices Could Jump More Than 25 Cents Following Strikes on Iran

Gas prices could rise more than 25 cents a gallon in the coming weeks following U.S. and Israeli strikes on Iran over the weekend, analysts say.

Oil futures surged in the first trades since the attacks began, with U.S. crude jumping about $8 a barrel—a 12% increase to around $75 a barrel. Brent crude, the international benchmark, rose even higher, climbing more than 12% to about $82 a barrel.

The spike sent stock futures falling sharply Monday morning, with the Dow, S&P 500, and Nasdaq all down about one percent as investors reacted to the escalating conflict.

Analysts warn that the higher oil costs will flow directly to the pump, though the timeline and exact amount remain uncertain as the situation in the Middle East continues to develop.