Oil futures surged in the first trades since the United States and Israel went to war with Iran over the weekend. The production increase may have somewhat blunted the surge in oil prices, but energy analysts didn’t expect the production increases to do much to keep prices in check. Oil prices had already been rising in anticipation of an attack on Iran. But an even bigger concern would be if Saudi Arabia’s oil production facilities are attacked and knocked offline for a long period of time. Gas prices expected to riseIran is the world’s sixth-largest oil producer, and any military conflict with the country would mean surging oil prices, boosting gasoline prices and overall inflation, according to experts.

Source: CNN March 01, 2026 16:40 UTC