Gas Prices Forecast After Iran Attack: Will U.S. Gasoline Top $3 This Week?
U.S. gasoline prices are expected to climb above $3 a gallon this week after strikes on Iran disrupted oil markets and halted some shipments through the Strait of Hormuz. Brent crude traded about 10% higher near $80 a barrel in off-exchange deals Sunday. Retail pump increases are likely to appear gradually, with futures reopening at 6 p.m. ET Sunday. Tanker owners and major carriers have suspended transits after Iran warned ships not to pass.