From Yahoo Finance: 2025-06-16 11:55:00

Gas prices may rise slightly due to a 7% oil price spike following the Israel-Iran conflict. The national average for gasoline is $3.14 per gallon, up $0.02 from last week. Analysts predict a temporary increase with prices expected to drop in the future.

Traders are optimistic as Tehran signals a willingness to deescalate conflict by returning to nuclear talks. Brent crude futures fell 4% to $71 per barrel, while West Texas Intermediate futures traded at $70 per barrel.

Despite a potential 10 cent increase in gas prices, analysts foresee a drop in the coming months. Wall Street analysts warn oil prices could reach $90 or higher if the conflict extends or if key shipping routes are affected.

Iran’s potential to impact oil prices through targeting tankers in the Strait of Hormuz is a concern. OPEC+ has been increasing output, with year-to-date oil prices down, WTI falling over 3%, and Brent declining about 5%.

Read more: Gas prices to increase ‘modestly’ despite recent oil volatility