That would likely mean U.S. gas prices shooting up to their peaks following Russia’s invasion of Ukraine in 2022, when they hit $5 per gallon on average. “I don’t wake up too many mornings and get the chills when I look at the morning oil price numbers,” De Haan added. “There was this thinking that if oil prices start to soar that Trump would back down in Iran. All could become costlier to produce as the Iran conflict continues, ultimately raising prices for other businesses and consumers. “The timeline for an extremely large oil price move is very short,” the firm wrote.

Source: Washington Post March 08, 2026 01:01 UTC