So, who thinks the oil prices will rise on Monday morning?

[William Gustafson]

I am hearing that gas could go as high as $5 a gallon within a month... With the Straights of Hormoth being shut down, all cargo from that area is at a standstill... including oil...

Its going to get bad... count on it...

But how high do you think it will get?....

[Journeyman]

1. It's not so much the cost as the availability which will critically impact everyone . . .

$5, $6, or even more, people will curse loudly and vow to vote in November, but they'll pay it and absorb the impact.

But if gas is in desperately short supply, and becomes rationed, people will curse, but they'll also move to get relief. A huge upswelling of anger will accompany any announcement of a rationing plan. Here in California, in the ’70s, we were restricted in our buying to even or odd days, based on our license plates. Cars queued in lines blocks long waiting to get into gas stations, only to be turned away after a wait of hours when the station ran out of gas. Anger was palpable. I can only imagine how it will go today, when guns are even more widely available and tempers are at short fuse.

And a word of caution: The gas queues happen suddenly, without warning.

[FBaggins]

9. The 70s are long gone

We no longer get 30% of our oil from the Middle East. The US is a net exporter now.

[regnaD kciN]

10. Also...

…in the time of the first embargo, most cars in the U.S. averaged 10-20 MPG. Cars today are much more efficient. And, of course, many are hybrids, or even pure electrics that don’t need gas at all.

[VMA131Marine]

2. It's too bad Trump and the GOP canceled all the EV incentives

I just plug in at home a charge mine.

And I have home solar too.

[Kaleva]

3. Less then 10% of oil the US imports comes from the ME

[Skittles]

8. you forget the part where they use any excuse to gouge us

price gouging is very common during times like these

[DFW]

4. Here in EU-land

Gasoline hasn’t been as low as $5 (per US gallon) in about 20 years. We’ve rarely been much under $7 for that matter.

Brent crude is flirting with $79 this morning (10:20 AM CET), and gold is hovering at $5400 an ounce, up from below $5000 less than ten days ago. In cities here, women have been warned not to wear necklaces with gold chains in public, since a fast thief could make himself a couple of thousand dollars in a day by ripping the chains off of three or four women, and then disappearing in the crowd.

[Roy Rolling]

5. Open already

$72.12 in futures market. Up $5.10

[Tanuki]

6. Crude prices are already jumping

https://www.theguardian.com/world/2026/mar/02/oil-prices-iran-war-strait-of-hormuz-shipping

"Oil prices rose and stock markets came under pressure on Monday after intense US-Israeli strikes on Iran prompted fears of significant global economic disruption.

Brent crude jumped by as much as 13% during early trading – to hit $82 a barrel, a 14-month high – as the effective closure of the strait of Hormuz, one of the most important arteries for global trade, intensified concerns over oil supplies.

Markets fell in Europe, with London’s FTSE 100 down 1% to 10,798 points. Airlines IAG, the parent company of British Airways, and easyJet were among the worst performers, as thousands of flights were cancelled, down nearly 10% and 7%, respectively.

However, the surge in the crude price pushed shares in oil companies Shell and BP up by about 6%. Shares in the weapons manufacturer BAE Systems jumped by 7% as investors piled into defence stocks.".... (more)

[modrepub]

7. Oil Market Was Live

@ 6pm est Sunday. Currently up about 7%.

No one is moving oil out of the Gulf at the moment. Most insurance that oil tankers need isn’t being offered except at very high mark ups so owners have parked for the moment

So the longer this goes, the more oil piles up. And as supply begins to dwindle, price goes up and maybe someone decides to take a chance and move oil out of the Gulf and then we’ll find out if Iran has already mined the shipping lanes or will attack the oil tankers directly. There’s a reason we targeted Iran’s navy after all.

[Morbius]

11. Has anyone else noticed...

that when the price of oil goes up, the price of gas goes up immediately, and when the price of oil drops, the price of gas goes down slowly, eventually?

Curious, that.

[mwmisses4289]

12. Price here went up almost instantly

from about $2.25- $2.35 on Saturday morning to around $2.45- $2.50 Sunday.