U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

WASHINGTON (Reuters) -U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.

Crude oil prices surged by more than 8% on Friday to hit 4-month highs after Israel’s attacks on Iran’s nuclear sites sparked supply concerns. Friday’s spike in crude oil prices is the largest single-day rise since Russia attacked Ukraine in 2022.

Crude oil prices have surged in the global market amid Israeli airstrikes on Iran's nuclear sites, with Brent selling for $76.12, and WTI at $74.69 per barrel.

From the risk of surging crude prices to rising Middle East worries, Bathini lays out how global tensions could shape inflation, policy moves, and investor strategy in the weeks ahead

Energy shares gained ground in Asia after Israel's attack on Iran, in line with the rise in oil prices, while movements in other markets were relatively restrained as inves