Gas prices won’t skyrocket if Iran closes the Strait of Hormuz: Gas Buddy Experts
Patrick De Hahn, head of gasbuddy’s oil analysis, says the rise in gas prices due to the potential Iranian closure in the Strait of Hormuz “will not last long.”
Gasbuddy’s Petroleum Analysis director spoke with Fox News Digital about growing concerns about gas prices rising after the president. Donald Trump It ordered a strike at Iran’s nuclear facility over the weekend, measuring the Middle Eastern country closing down key straits in Hormuz.
Patrick De Hahn told Fox the increase Gas Price Even if Iranians advance in closing the aisle that promotes around a fifth of the world’s crude oil trade, Americans will “probably be temporary.” His comments came before Iran retaliated by launching missiles at a US base in Qatar. No victims have been reported as reported by Liz Friden of Fox News.
“If Iran mentions closing the Strait of Hormuz, we can see the quick spikes of oil past the $80 barrel mark,” DeHaan explained. “It could bring a national average of $3.40 to $3.50. If they do a little bit of success in doing it, oil could be even higher, but that’s probably temporary.”
Iranian naval soldiers on an armed speedboat in the Persian Gulf near the Strait of Hormuz just south of Tehran. (Morteza nikoubazl / nuphoto via Getty Images / Getty Images)
“Continuous false/false rumours talk about the massive spikes of (gasoline prices),” says Gasbuddy experts. Posted on x. “This is a mistake. I’m wrong with the best order.”
The Strait of Hormuz is about 21 miles wide at its narrowest point. It lies between the Gulf of Oman and the Persian Gulf and serves as a connection through the Arabian Sea. Although the major natural waterways are technically controlled by the United Nations Sea Law Convention, Iran’s large military presence in the region gives them the ability to limit passage.
How Iran’s closing the Strait of Hormuz affects us, the world
market Slightly high on Monday Oil futures fluctuate, but most often fall early in trading hours.
“Oil was in the mid-’60s a few weeks ago,” added De Hahn. “Oil producers were cutting rigs, and it was the number of US rigs that were a sign of where oil production was going, and they were actually pointing out that due to low oil prices, there could at least be a temporary increase in US production.”
President Donald Trump will address the country from the White House on June 21, 2025 in Washington, DC (Carlos Barrier – Pool /Getty Images /Getty Images)
However, the downward trend in oil prices is currently facing a growing conflict in Iran. De Khan said the move to close the Strait of Hormuz “will also act to curb Iran’s own economy.”
Vice President JD Vance The decision to close the aisle was also a blow to Iran’s finances, telling NBC’s “potentially closing publications” and “destroying the economy.”
“Their entire economy is through the Strait of Hormuz,” Vance explained. “If they want to destroy their economy, it can cause chaos in the world. I think that’s their decision, but why do they do that?”
The map shows military presence in the Middle East. (Fox News/Fox News)
Iran’s parliament voted in favor of closing the aisle on Monday to decide on the potential unification of the Middle Eastern country and proceeded with the decision.
Click here to get your Fox business on the go
Fox News Digital reached out to the Department of Energy and Treasury but did not receive a response.