Oil Prices Jump After Airstrike Kills Iranian General

Following the attacks in Iraq, global oil prices went up Friday due to fear of retaliation from Iran.

In the past, the country has threatened to withhold oil supplies to the U.S.

Head of petroleum analysis at GasBuddy Patrick De Haa says he doesn’t see this as a major game changer for our gas prices at this point.

However, he also said that could change depending on if and how Iran decides to retaliate against the U.S.

He says there’s always the initial shock when something like this happens.

GasBuddy says the forecast they released for 2020 earlier this week will likely stay accurate.

That forecast calls for the 2020 national average to go down by just a couple of cents compared to last year.

GasBuddy says we may see some fluctuation when it comes to gas prices, but nothing they see as too troubling.

“For now, I think based on today’s market movements, gas prices will likely be impacted in a small degree, perhaps a few cents per gallon, and that may not be immediately concernable when that impact shows up in the next one to two weeks.”

Still, GasBuddy says impact on oil prices will all depend on the way Iran reacts in the coming weeks.