"Clearly this will have a huge impact on gas prices," Krishnamoorti told ABC News. "There's no doubt about that." Experts estimate a price increase of 10 to 15 cents per gallon.
Despite a recent uptick, the price of oil stands well below a 2022 peak reached when the blazing-hot economic rebound from the pandemic collided with a supply shortage imposed by the Russia-Ukraine war.
While sanctions have constrained Iranian oil output in recent years, the nation asserts control over the passage of tankers through the Strait of Hormuz, which facilitates transport of about 15% of global oil supply.
A further escalation of the conflict between Israel and Iran could send oil and gas prices significantly higher, said Ramanan Krishnamoorti, a professor of petroleum engineering.
Collection
[
|
...
]