The Big Story 

Oil prices surged as Middle East tensions soared Friday, with Israel and Iran’s military conducting strikes against each other.

© Leo Correa, Associated Press

U.S. benchmark WTI was up Friday, increasing to about $73 per barrel from around $69 at the end of the day Thursday. 

The price increase may also be felt by drivers at the pump.

As of Friday, gas prices averaged $3.13 nationally, according to AAA.

While the price of oil is lower than it has been in recent weeks, it is still well below 2022’s surge that followed Russia’s invasion of Ukraine.

At that time, oil prices were reaching $120 per barrel.

Prices surged Friday after Israel launched strikes against Iranian nuclear and military sites, with Tehran retaliating with drone and missile attacks.

Iran is a significant producer of oil. Due to sanctions, it only sells to certain countries, but it still contributes to the overall global supply. 

Read more at TheHill.com.

Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.

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