Gas prices surged on Sunday (March 8) as the price of crude oil surpassed $100 per barrel amid the ongoing 'Operation Epic Fury' in Iran.

The national average for regular gas was reported to be $3.450, an increase of $0.037 from the previous day; $0.466 from the previous week; $0.553 from the previous month; and $0.355 from the average one year ago, according to the American Automobile Association. West Texas Intermediate was reported to have increased in price by $18.98 or $17.25 at $108.15 per barrel; Global benchmark Brent increased by 16.19% or $15.01 to $107.70; U.S. crude oil rose by 35% last week, which was its largest increase in futures trading history, which spans back to 1983.

Oil prices hadn't topped $100 per barrel since Russia invaded Ukraine in 2022. The strait at the southern end of the Persian Gulf is responsible for 20% of the global oil supply and tanker traffic has dropped significantly amid a disruption of satellite navigation systems since reported attacks on several vessels in the area.

United States officials are reportedly concerned that Israeli strikes on Iranian infrastructure could backfire strategically, the first significant disagreement between the two sides during 'Operation Epic Fury' in Iran, a U.S. official, an Israeli official and a source with knowledge of the situation confirmed to Axios. Israel launched strikes on 30 Iranian fuel deposits Saturday (March 7) that reportedly went beyond the United States' expectations.

The strikes resulted in rain water saturated with oil covered rooftops and streets, while photos showed large black clouds during the aftermath of the attacks. An advisor to President Donald Trump told Axios that Trump was not in favor of the attack.

"The president doesn't like the attack. He wants to save the oil. He doesn't want to burn it. And it reminds people of higher gas prices," the advisor said.

Arielle

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