Patrick de Haan, the head of Gasbuddy’s head of petroleelerry analysis, says that an increase in gas prices of a potential Iranian closure of the street of Hormuz “would not last long.”
Motorists don’t have to worry about huge prices of prices at the gas pump, according to analysts from the industry.
The oil prices, which are good for more than half of what consumers pay at the pump, fell on Monday morning after temporarily rising Sunday after American strikes on three important Iranian nuclear sites on the weekend.
The price of West Texas Intermediate (WTI) was high around a year, while the global benchmark Brent Rudde approached for a five months last week when the conflict between Israel and Iran increased. From Monday, WTI has fallen to around $ 73 per barrel and Brent is around $ 76 per barrel.
Gas buddy’s head of petroleum analysis, Patrick de Haan, said this is good news for those at the pump. “Knee Jerk” reactions in the market are typical after great activity.
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“Motorists will probably continue to see a slow but steady rise in gas prices,” De Haan said. “You don’t really have to worry about huge peaks.”
Refuel customers on 7 May 2025 at A Love’s Gas Station in Dallas, Texas. (Shelby Tauber / Bloomberg via Getty Images / Getty images)
He estimated that the increase in the course of the week will be between 10 and 15 cents and said it is comparable to what consumers saw last week.
Lipow Oil Associates President Andy Lipow expects gas prices to have only a “modest” increase of 3 to 5 cents in the coming days.
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Lipow, however, said that every retaliation attack could sharpen the oil market by Iran, leading to much higher prices.
Oil prices fell on Monday after temporarily rising Sunday after American strikes on three important Iranian nuclear sites at the weekend. (Shelby Tauber / Bloomberg via Getty Images / Getty images)
The market believes that China, which buys more than 90% of Iranian oil exports, together with significant amounts of crude oil in the middle -east, put Iran under pressure to prevent the street of Hormuz from being closed, according to Lipow. Iran has threatened to close the Zeestraat to send traffic after the American strikes at Iranian nuclear facilities.
“While closing the street may not be in the economic importance of Iran, if Israel attacked their most important export facility on the island of Kharg, they could,” said Lipow.
Tankers are seen at the Khor Fakkan container terminal along the Strait of Hormuz, a waterway through which a fifth of the global oil output passes on June 23, 2025. (Giuseppe Cacace / AFP via Getty Images / Getty Images)
The street is a critical waterway that connects the Persian Gulf with the Gulf of Oman and the Arab Sea. The Waterweg treats the world’s largest rough oil tankers and is considered one of the world’s most important oil choppoints, according to the Energy Information Administration (EIA).
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In 2024, 20 million barrels of oil per day, about 20% of the worldwide consumption of petroleum fluids, flowed through the Waterweg. There are also very few alternative options for moving oil from the Zeestraat when it is closed, according to the EIA.
If the oil export is influenced by the street, according to Lipow, the oil prices can easily touch $ 100 per barrel. That would increase gasoline prices by around 75 cents per gallon from recent levels. There are predictions that oil could rise between $ 120 and $ 130 per barrel. If so, gasoline prices would rise by $ 1.25 per gallon.
