Resources

A surprise Israeli attack on Iran has rattled global energy markets, sparking fears of a surge in gasoline prices just as the summer travel season begins. Oil prices spiked as high as 14 percent, and analysts warn that any further escalation — particularly threats to the vital Strait of Hormuz — could trigger a major supply shock. Experts forecast gas prices could rise 10–25 cents per gallon in the coming weeks. While a full-blown disruption remains unlikely, even short-term instability in the Middle East could drive oil past USD100 per barrel, putting pressure on global inflation and fueling uncertainty in energy markets.