War in Iran Spiked Oil Prices. Trump Will Decide How High They Go

Oil prices surged on Monday following the United States and Israel’s attacks on Iran this weekend, as some analysts predict that it could soon reach over $100 a barrel. Amid escalating attacks on oil and gas infrastructure in the region and stopped traffic in a crucial shipping route, experts tell WIRED that how the White House directs the conflict over the coming week—as well as Iran’s and other oil producers’ responses—will be key in determining just how high prices eventually climb.

The price of Brent crude jumped to almost $80 a barrel—a nearly 13 percent increase over Friday’s prices—when markets opened Sunday evening. The market has been pricing in the risk of the US’s aggressive stance toward Iran for months, says Tyson Slocum, the director of the energy program at the progressive think tank Public Citizen, insulating prices from an even more ...