Global Oil Prices Surge Following U.S. and Iran Exchange of Attacks

Global oil prices have experienced a sudden jump. This surge follows recent attacks between the U.S. and Iran. These represent the first such attacks in a month. The exchange of attacks has jolted energy markets. The impact on energy markets is now evident. In the U.S., gasoline prices remain significantly elevated. Average U.S. gasoline prices are 37 percent higher. This increase has persisted since the war began.