Trump warns that we will “lower oil prices” after we hit Iran: what’s next for gas prices?

President Donald Trump All-Caps message has been delivered About the oil prices of us and the Israeli military on Monday the day after It attacked three nuclear sites in Iran. “Guys, lower oil prices. I’m watching!” Trump wrote on his social media platform Truth. “Drill, baby, drill!!! And I’m now!!!”

The attack temporarily sent Brent Crude, the global benchmark oil price mentioned above. $81 per barrel. Traders have reverted the price to something as low as $70 Iran retaliated against the US Relatively limited responses were made by launching missiles at US military bases in Qatar.

What does this mean for a driver?

Crude oil accounts for more than half of what it costs driver Pay with a gas pump, Analysts say With every $10 increase in oil prices, the average US gasoline price typically rises by 20-25 cents per gallon.

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As of June 23rd, AAA sets the national average For regular gasoline $3.22 Gallon with diesel fuel $3.68. That’s what the regular one week ago was $3.14So the tension is already tackling at 8 cents. Californians pay the most $4.66Texas drivers enjoy the average statewide price around $2.85.

CNET tracks AAA daily average and key market benchmarks, as long as Iranian standoffs threaten fuel costs.

If Tehran follows the threat to close the 21-mile wide strait Hormuz, it carries roughly 20% of the world’s oil, Goldman Sachs warns Brent crude prices can jump above $110, and are likely to boost average US pump prices $4.

Oil spikes on Monday declined after Iran was intercepted with missiles targeting U.S. bases in Qatar, leaving energy infrastructure untouched. Traders are betting that Tehran will not put its own export revenues at risk, at least for now.

If tankers are attacked or the Strait of Hormuz is partially blocked, experts say supplies can get tight almost instantly. So far, the OPEC-Plus Oil Alliance has not been called an emergency meeting. Russian President Vladimir Putin says the group You don’t need to act yetand Saudi Arabia’s energy director says that will be the case. Wait to see what the market actually does.

If Iran disrupts the oil flow, the administration can tap on strategic oil reserves, but so far no action has been taken.