Oil Prices Could Spike Amid U.S.-Israel Strikes on Iran

Experts warn that the United States and Israel’s military strikes on Iran could trigger a surge in global oil prices when futures trading opens Sunday at 6 p.m. ET. OPEC and its allies announced a 206,000-barrel-per-day production increase to partially offset disruptions, but analysts say this may not be enough to prevent rising costs. Iran controls the Strait of Hormuz, a key shipping route for roughly 20 million barrels of oil daily, giving it a pivotal role in global energy markets. Any extended disruption could drive crude prices higher, with knock-on effects for gasoline prices, inflation, and Asian economies that rely heavily on Iranian oil.