The price of global benchmark Brent Crude oil was at about $77 per barrel as of Monday afternoon, up from about $71 a week ago and about $66 per barrel a month ago.
U.S. gasoline prices were also up Monday following the weekend's strikes, averaging about $3 per gallon nationwide, up 6 cents from a week ago and 12 cents from a month ago.
Analysts say the war could push prices further up in the weeks and months ahead.
Patrick De Haan, head of petroleum analysis at GasBuddy, said he expects gas prices to rise between 10 and 15 cents over the course of the next week or two.
That could be on top of a general price rise that occurs in the spring amid more demand for gasoline.
De Haan projected that "by the time prices peak, they could be 25 to 40 cents higher than today."
Tom Kloza, chief oil analyst for Gulf Oil, estimated that gas prices could peak at between $3.25 and $3.50 per gallon this spring.
The analysts also noted that prices for diesel could go up even more and worsen inflation because shipping will become more expensive.
De Haan said, "Gasoline prices are going to go up, but diesel prices are going to go up far more noticeably."
"Inflation numbers are going to start heating up a bit if diesel is continuing to rally," he added.
Kloza said that much of the current price increases are related to apprehension from potential oil sellers rather than any change in the quantity of oil being produced.
"Right now, with quotes like that, you're just not going to have anybody willing to sell into the marketplace. I think they probably would be smart if they did, but it's just too risky," he said.
De Haan said uncertainty about the status of the Strait of Hormuz could also put an actual constraint on supply. The equivalent of about 20 percent of the world's oil consumption flows through this strait, located between Oman and Iran, each day.
Read more at TheHill.com.
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