US EditionOil Surges Amid Iran Conflict — How High Will Gas Prices Go?
Attacks in the Strait of Hormuz have cut oil shipments by about 90%, pushing Brent crude prices up over 25%, with fears of prolonged supply disruptions driving market volatility.
- This month, crude prices surged after attacks on Iran, with Brent up over 25% to more than $93 and WTI up 35% to more than $91.
- The Strait of Hormuz has seen flows collapse about 90% after Iran attacked ships and oil infrastructure, causing tanker rates to spike and insurers to cancel policies.
- Despite the crude surge, major oil stocks have been muted, with ConocoPhillips and Chevron up modestly and ExxonMobil slipping slightly since the war began.
- Barclays believes crude could rise to $120 if flows stay blocked, and Qatar's energy minister warned it could hit $150 if the Strait remains closed, analysts warn of steep near-term price scenarios.
- The U.S. could tap the Strategic Petroleum Reserve while industry supply response would take time to offset Iran's output of about 3.5 million barrels per day, and oil companies expect cash-flow growth through 2030 at around $70 a barrel.
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Oil surges amid Iran conflict — how high will gas prices go?
The conflict in Iran is causing a massive disruption in the global oil supply and sending energy prices skyrocketing. It’s unclear how long the disruption will last — and therefore how long the markets will be squeezed and how high prices will ultimately go. “The absolute disruption of flows through the Strait of Hormuz is…
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