Overview

• Crude futures surged 6% by midday Friday after a 14% overnight spike, marking the biggest single-day jump since April 2023.
• GasBuddy’s Patrick De Haan predicts U.S. pump prices could rise by 10 to 25 cents per gallon, lifting the national average above $3.13.
• Tehran has vowed retaliation, and analysts warn any attack on the Strait of Hormuz could trigger a major supply shock to the 21 million barrels shipped daily.
• The United States and other major consumers stand ready to tap strategic reserves, while OPEC+ could accelerate production to offset Iranian export losses.
• Goldman Sachs projects Brent climbing above $90 a barrel if Iranian exports fall sharply, and Rystad Energy says prices could top $100 under a Hormuz shutdown, stoking recession fears.