Overview

• Israel targeted Tehran’s main gas depot, the shared South Pars natural gas field and a refinery, sending oil futures up about 11 percent
• US retail gasoline prices, currently averaging $3.14 per gallon, are projected to rise 10 to 20 cents in the coming days as stations exhaust existing inventory
• Iran’s potential blockade of the Strait of Hormuz could remove roughly 10 percent of global oil supply and send crude prices past $120 per barrel, analysts warn
• The White House has called for increased domestic drilling and is considering tapping strategic reserves to calm markets
• Behind the scenes, Iran is pressing to de-escalate and resume nuclear talks with the US to ease economic strain and stabilize energy markets