Iran Conflict Sends Gas Prices Soaring

Gas prices have been rising at the pump in recent days, peaking near $4.00 per gallon. According to Kirk Edwards, President of Latigo Petroleum, this surge is due to renewed fighting between the U.S. and Iran.

The conflict has disrupted oil supplies through the Strait of Hormuz, with over 15 million barrels a day potentially stranded. Edwards warned that every day of continued tension could result in another 10 million barrels being kept out of the market.

As a result, oil prices have fluctuated significantly since March, when they peaked at $120 per barrel during the height of the Iran war. In June, prices spiked again, reaching the upper $90s to low $100s on WTI Crude Oil on June 17-19 and July 23 saw a month high of $93.51.