An Iranian lawmaker said closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration.

Israel’s attack on Iranian nuclear and military sites on Friday, and the resulting oil-price surge and airline-stock slump, could pose even more obstacles for consumers navigating an already unusual summer travel season.

Gas prices "will likely start to rise across much of the country later this evening in response to Israel's attacks on Iran, which have caused oil prices to surge," Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Friday in a post on X.

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

Israel’s attacks on Iran’s nuclear facilities risk pushing back the timeline for Federal Reserve interest-rate cuts as the US central bank waits to assess any potential impact on inflation, economists said.