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Another Iran Escalation, Another Jump At The Pump

The Daily Wire · back to the audit

Oil prices jumped on Monday, with Brent crude climbing above $90 per barrel after the tenth consecutive day of strikes in Iran fueled concerns that the war could further disrupt global energy supply.

The disrupted June ceasefire has added to uncertainty over whether negotiations can end the conflict. The U.S. benchmark -- West Texas Intermediate crude -- also rose more than 1% and was hovering around $84 per barrel. The national average for gas prices climbed back above $4 per gallon, a level last reached in May during the last spike in regional tensions.

White House spokeswoman Taylor Rogers said that prices could fall if U.S. military operations significantly weaken Iran's ability to threaten commercial shipping.

"As the U.S. military degrades the terrorist Iranian regime's ability to attack commercial vessels and disrupt the free flow of energy through the Strait of Hormuz, oil and gas prices will plummet back to pre-conflict levels," she said.

Higher energy costs could also create a political challenge for Republicans heading into the midterm elections, where the economy remains one of voters' top concerns.