The U.S.–Israeli war with Iran has brought heightened volatility to energy and equity markets, with the price of oil rising from about $65 per barrel of crude prior to the war to a high of $119 on March 9, before falling back to its current level in the range of $100. If oil supplies from the Middle East continue to be disrupted, the effects are expected to translate into higher gasoline prices in the United States.

Energy analysts say that in the coming days and weeks, there is limited potential for producers outside the Gulf to make up for shortages fast enough to reverse price hikes. If oil prices remain elevated for an extended period, however, more production in the United States and South America could come online to fill the gap, though it will take some time.