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Could the Iran-Israel conflict raise oil and gas prices? Expert weighs in

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Published  June 23, 2025 9:02pm EDT
Gas Prices
FOX 5 DC

The Brief

    • A recent increase in gas prices could be short lived, according to one expert.
    • That’s because de-escalation in the Middle East appears likely, he said.
    • Still, some drivers said they fear that gas prices will continue to rise.

WASHINGTON - De-escalation in the Middle East could be good news for gas prices back home.

The backstory:

The conflict between Israel, Iran, and the United States has some Americans heading to the pump.

"That’s definitely on my mind," said Bryan Trejo, when asked Monday at a gas station in Bethesda whether he was concerned that prices would rise because of the conflict in the Middle East.

"Yeah, absolutely," added another driver, Chris Chadwick.

But at least one expert said he does not believe the concerns are warranted.

GasBuddy Head of Petroleum Analysis Patrick De Haan spoke to Fox 5 Monday, several hours before President Donald Trump announced a cease-fire between Israel and Iran. De Haan said that he believed de-escalation in the Middle East was likely. And so, while he explained that the national average for gas had risen by about 12 cents since the beginning of the conflict, he expected those prices to come back down soon.

"All in all, oil prices had surged at the start of this over a week ago, but now they’re plummeting because it feels and seems like [all of the countries involved in the conflict] kind of got something of what they wanted, and the situation could be resolving itself," De Haan said.

What's next:

"We were at about $3.08, $3.09," De Haan said of the national average. "We’re now at $3.20, and by July 4, we could be back down to 3.10 if everything goes well."

The other side:

De Haan did add, however, that if the conflict were to unexpectedly escalate further, gas prices could potentially rise.

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