Oil prices jumped more than 10 percent Sunday night following U.S. and Israeli military strikes against Iran, killing Iran's supreme leader Ayatollah Ali Khamenei. The main U.S. crude oil market opened at $75 per barrel in the first trading activity since the attacks, with prices spiking as Iran retaliated by striking oil tankers in the Strait of Hormuz.

More than 20 percent of the world's waterborne crude oil passes through this critical waterway, where trading firms have now paused shipments due to safety concerns. Vessels are taking longer, more expensive routes to avoid the area as hostilities continue. Kremlin envoy Kirill Dmitriev predicted on social media that oil could reach $100+ per barrel soon.

Market analysts warn prices could remain elevated as long as Persian Gulf tensions persist, potentially impacting gasoline prices at the pump during critical midterm primary races. Energy Secretary Chris Wright was present in the White House situation room during the strikes, though the Trump administration has dismissed concerns about oil price shocks. Political analysts note that slightly more Americans view Democrats as more committed to cutting energy prices, creating potential electoral complications for Republicans.