Brent crude oil hovered near $100 a barrel, up 40% since the conflict began, while gasoline prices nationally exceeded $3.97, reflecting a sharp recent increase. Economists and industry executives warn that even if President Trump ends hostilities with Iran before his self-imposed deadline, relief for consumers could take weeks or months. The administration's claim of rapid price drops clashes with the reality that normalizing production and shipping lanes in the Middle East will be gradual. Mike Sommers, CEO of the American Petroleum Institute, emphasized the uncertainty, stating, 'We don’t know what the condition of the assets are going to be.' The war has strained global diesel and jet fuel supplies, potentially keeping those prices elevated longer.

If sustained, these high energy costs could drive up grocery prices and airfares, risking a broader economic slowdown. The White House maintains prices will fall 'rapidly' once the conflict ends, but analysts like Michael Pearce of Oxford Economics predict a 'gradual' decline, not a swift return to pre-war levels. The path to lower prices hinges on factors including the Strait of Hormuz's reopening and restarting production in countries like Saudi Arabia. Chevron's Mike Wirth noted the uncertainty around restarting offline production, stating it 'will take some time to come out of this.'.